After two very good weeks for XRP, the coin was traded in a relatively calm mode during the previous week. In line with the general market sentiment, selling orders were dominant, so the coin reverted a bit to the downside, testing $0.5 support line during the whole week. Release of the US inflation data on Friday, increased market nervousness, when the price was pushed down to the level of $0.43, only on one occasion. The coin is ending the week around $0.48 level.
RSI moved from the level of 68 down to 54, but it still does not provide indication that the market is clearly heading toward the oversold side. Moving averages of 50 and 200 days continue to clearly converge toward each other, increasing the potential for the golden cross to occur in the near future period.
Current charts are showing that there is a potential for a $0.45 short term support line to be tested in the coming period. This would be a regular path for the coin after it has reached a clear overbought market two weeks ago. Selling pressures at the $0.5 support line are high, which significantly decreases probability that the coin will revert to the upside and test $0.55 short resistance line during the week ahead.
RSI moved from the level of 68 down to 54, but it still does not provide indication that the market is clearly heading toward the oversold side. Moving averages of 50 and 200 days continue to clearly converge toward each other, increasing the potential for the golden cross to occur in the near future period.
Current charts are showing that there is a potential for a $0.45 short term support line to be tested in the coming period. This would be a regular path for the coin after it has reached a clear overbought market two weeks ago. Selling pressures at the $0.5 support line are high, which significantly decreases probability that the coin will revert to the upside and test $0.55 short resistance line during the week ahead.
