In anticipation of a potential finalisation of the resolution of the Ripple Labs dispute with the SEC, the investors interest for Ripple`s coin XRP was significantly increased during the previous week. XRP managed to reach a level of $0.5 despite a general negative trend on the crypto market during the last week. Considering that the SEC and Ripple Labs filed for summary judgement, it increased expectations from market participants that the final resolution might be ruled by the court until the end of this year.
It was very nice to look at the XRP`s chart during the previous week. The move made on the news shows that the market still has a strong interest in this coin and that its real value has been underestimated since the beginning of the dispute with the SEC. Since the beginning of the week XRP was testing $0.4 resistance and then made a significant move all the way up to the $0.55 a maximum weekly level. XRP is finishing the week testing $0.5 resistance, with prevailing buying orders. RSI reached a level of 75, which is a clear overbought side, in which sense; short price reversal might be expected in the coming days. Moving averages of 50 and 200 days started their modest convergence toward each other, but the golden cross is still far away.
When important news hits the market, the market reaction is immediate and strong. In the case of XRP there is a high probability that the price will slowly calm down, where the first stop will be testing of the $0.50 support line. The price might revert back to the level of $0.45 short support line. There is currently decreased probability for $0.4 support. There is also a decreased probability that the price might go higher from last week`s levels, except in case of more significant news for XRP.
It was very nice to look at the XRP`s chart during the previous week. The move made on the news shows that the market still has a strong interest in this coin and that its real value has been underestimated since the beginning of the dispute with the SEC. Since the beginning of the week XRP was testing $0.4 resistance and then made a significant move all the way up to the $0.55 a maximum weekly level. XRP is finishing the week testing $0.5 resistance, with prevailing buying orders. RSI reached a level of 75, which is a clear overbought side, in which sense; short price reversal might be expected in the coming days. Moving averages of 50 and 200 days started their modest convergence toward each other, but the golden cross is still far away.
When important news hits the market, the market reaction is immediate and strong. In the case of XRP there is a high probability that the price will slowly calm down, where the first stop will be testing of the $0.50 support line. The price might revert back to the level of $0.45 short support line. There is currently decreased probability for $0.4 support. There is also a decreased probability that the price might go higher from last week`s levels, except in case of more significant news for XRP.
