While financial markets are waiting for a signal whether the FED will further increase interest rates or not, the XRP is waiting for the resolution of the Ripple dispute with the SEC. This is one of the main reasons why the price of XRP was not exactly following general market sentiment during the previous few weeks. Similar situation occurred also during the previous week. At the beginning of the week, the price of XRP was pushed to the down side from the level of $0.48 down to $0.42, but as of the end of the week XRP reverted back and was traded above the short term support line at $0.45.
During the week, RSI was pushed down from level of 53 to 45, but as of the end of the week, the indicator reverted back to the level of 50. It seems like the market is still not ready for the oversold side. What is the most interesting to watch with indicators at the moment, are movements of MA50 and MA200 moving average indicators. Namely, for some time these two lines are moving closer to each other, while last week this trend continued. Two lines are currently so close to each other, increasing the potential for the golden cross to occur quite soon. This would be a major breakthrough for XRP as this cross would clearly indicate that time of the uptrend movements are ahead of the coin. Still, it will take some time in the future, until the formation on the charts confirms itself.
For the moment, charts are showing that XRP is clearly testing a $0.45 short term support line . In case that there is no market strength to clearly break this level, then the coin will revert to the upside in order to test the $0.5 resistance line. On the opposite side, if $0.45 does not hold, then there is increased probability for $0.4 support to be tested for one more time.
During the week, RSI was pushed down from level of 53 to 45, but as of the end of the week, the indicator reverted back to the level of 50. It seems like the market is still not ready for the oversold side. What is the most interesting to watch with indicators at the moment, are movements of MA50 and MA200 moving average indicators. Namely, for some time these two lines are moving closer to each other, while last week this trend continued. Two lines are currently so close to each other, increasing the potential for the golden cross to occur quite soon. This would be a major breakthrough for XRP as this cross would clearly indicate that time of the uptrend movements are ahead of the coin. Still, it will take some time in the future, until the formation on the charts confirms itself.
For the moment, charts are showing that XRP is clearly testing a $0.45 short term support line . In case that there is no market strength to clearly break this level, then the coin will revert to the upside in order to test the $0.5 resistance line. On the opposite side, if $0.45 does not hold, then there is increased probability for $0.4 support to be tested for one more time.
