During the previous period, the price of XRP was strongly supported by the news on potential for a legal win of a Ripple`s dispute with SEC. However, during the previous week a testimony by SEC Chair Gensler put some shadow on a positive sentiment. Namely, he noted that there would probably not be a new law specifically designed for crypto businesses, and that all of them would need to comply with a currently existing securities law. This statement put a shadow on a hope that Ripple might win in this round, so the price of XRP went down to $0.45, where it is finishing the week. This was a huge drop for the coin, considering that it started the previous week around level of $0.53.
RSI broke the level of 50, which indicates that the market is currently more oriented toward the oversold side. The indicator is finishing the week around level of 45. At the same time, the moving average of 50 days is slowing down its divergence from its MA200 counterpart, implying potential for a change of course in the coming period. This would certainly not be good for the coin, as it would be an indication of potential trend reversal.
With faded hopes, XRP found the next support level at $0.45. Based on coin`s historical movies, it could be expected that the price will oscillate in the future period around this level. There is a low probability that the resistance line at $0.50 might be tested in the week ahead. On the opposite side, in case that selling orders continue, the price might move toward $0.43, with low probability that $0.40 next support might be tested.
RSI broke the level of 50, which indicates that the market is currently more oriented toward the oversold side. The indicator is finishing the week around level of 45. At the same time, the moving average of 50 days is slowing down its divergence from its MA200 counterpart, implying potential for a change of course in the coming period. This would certainly not be good for the coin, as it would be an indication of potential trend reversal.
With faded hopes, XRP found the next support level at $0.45. Based on coin`s historical movies, it could be expected that the price will oscillate in the future period around this level. There is a low probability that the resistance line at $0.50 might be tested in the week ahead. On the opposite side, in case that selling orders continue, the price might move toward $0.43, with low probability that $0.40 next support might be tested.
