For a second week in a row XRP was testing $0.4 resistance line, but again, this level has not been breached. Resistance is holding strongly regardless of any positive news regarding Ripple`s expansion to the European market. Certainly, investors' generally decreased confidence in financial markets is one of the major reasons for putting markets trading on hold.
After reaching resistance at $0.40 for the second time within the last two weeks, XRP reverted a bit to the downside, finishing the week modestly below this level. Highest weekly level was $0.41, still the selling orders were the ones that prevail on the market as of the end of the week. RSI continues to move around level of 50, showing that the market is still not ready to move toward either side. Moving averages of 50 and 200 days are reverting toward each other, currently indicating a potential so-called dead cross, just month after a golden cross was formed.
Investors are on hold, which suggests that any sort of significant recovery nor moves should not be expected in the week(s) to come. In this sense, it could be expected for XRP to continue to trade within its current range, between $0.40 resistance and $0.35 short support.
After reaching resistance at $0.40 for the second time within the last two weeks, XRP reverted a bit to the downside, finishing the week modestly below this level. Highest weekly level was $0.41, still the selling orders were the ones that prevail on the market as of the end of the week. RSI continues to move around level of 50, showing that the market is still not ready to move toward either side. Moving averages of 50 and 200 days are reverting toward each other, currently indicating a potential so-called dead cross, just month after a golden cross was formed.
Investors are on hold, which suggests that any sort of significant recovery nor moves should not be expected in the week(s) to come. In this sense, it could be expected for XRP to continue to trade within its current range, between $0.40 resistance and $0.35 short support.
