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28/05/24
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Technical Outlook on the Performance of Ripple (XRP)
The chart of XRP/USD shows that the activities of traders sustained the altcoin within a positive area over the previous few sessions. The bears continued to do their best close to two barrier levels, including $0.54 and $0.542.
XRP was able to reach levels as high as $0.5405 prior to the bears initiating current correction of gains within a range. The bears pulled XRP beneath the support area at $0.534, as well as beneath the 50% Fibonacci correction level of the upswing from $0.5234 swing low to $0.5405 high.
The bulls are doing their best close to the $0.53 area, as well as near the 61.8% Fibonacci correction level of the upswing from $0.5234 swing low to $0.5405 high. A look at its 1-hour chart shows the formation of a connecting bullish trend line with a support level close to $0.5265.
The same chart shows the performance of XRP is currently close to $0.532, as well as near the 100 hourly SMA. The next barrier level is close to $0.5365, and the initial major barrier level is close to $0.542. If XRP closes past the barrier area at $0.542, the bulls may be able to push it further to the upside. The immediate major barrier level is close to $0.545.
If XRP closes past the barrier level at $0.545, the bulls may push it steadily higher towards the barrier level at $0.555. If there are any additional gains, the bulls may be able to pave the way for a move toward the barrier level at $0.572.
On the other hand, the failure of the bulls to push it clearly past the barrier area at $0.542 may empower the bears to keep its performance towards the downside. The first support level on the way downward is close to $0.5265, as well as near the trend line.
The immediate key support level exists at $0.52. If XRP breaks and closes beneath $0.52, the bears may provide sufficient declining momentum for more downside moves. In such a situation, the bears may pull it lower and revisit the support area at $0.512 over the coming few sessions.
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