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03/10/23
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Technical Outlook on the Performance of Ripple (XRP)
XRP against USDT was able to record some upside moves as the bulls swung into action. They were able to initiate more moves to the upside, like BTC and ETH.
There was a move past the barrier level at $0.532 followed by a visit to $0.55. XRP reached levels as high as close to $0.5493 prior to the emergence of the bears who initiated a downside retracement.
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They pulled it beneath $0.525. XRP broke beneath the 50% Fibonacci correction level of the upswing from $0.4907 swing low to $0.5493 high.
A look at its 4-hour chart shows that its current performance is at levels above $0.505, as well as above the 100 SMA. The same chart shows the formation of a major bullish trend line with a support level close to $0.504.
The next barrier level on its way upwards is close to $0.515. A connecting declining trend line exists at $0.520. If XRP closes past $0.52, the bulls may be strengthened to push it towards the barrier level at $0.532.
If XRP successfully breaks past the barrier level at $0.532, the bulls may initiate a significant move to the upside towards the barrier level at $0.55. If there are any additional gains, XRP may be pushed towards the barrier level at $0.58.
On the other hand, the failure of the bulls to overcome the barrier area at $0.532 could keep its performance towards the downside. The first support level on its way downward is close to the $0.5065 area, as well as near the 100 SMA.
Immediate major support level exists at $0.50. If XRP breaks and closes beneath $0.50, the bears may be strengthened to pull it further to the downside. In such a situation, XRP may be compelled to revisit the support area at $0.475.
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