Regardless of what is currently going on with the markets, XRP has its own battles, so for the moment, the price of the coin remains outside of the general market sentiment. Namely, for a few weeks now, there has been various news surrounding potential resolution of the SEC`s dispute with Ripple, where the potential outcome might be on Ripple`s side. This news strongly supported the price of XRP during the last two weeks, where the coin managed to clearly break the $0.5 resistance line. The highest level reached during the previous week was $0.58 but only on one occasion, where the coin reverted the price to the downside, but not below the $0.5 support line.
Strong swings in price pushed the RSI indicator into the clear overbought side. Short reversal started as of the end of the previous week, when the indicator reached level of 65. Moving average of 50 days was moved quite close to its MA200 counterpart, but the Golden cross is still missing. Whether it might occur in the week ahead is up to be seen. There is still a small distance between two lines.
Ripple officials are commenting in public that the resolution of the SEC`s dispute might end during the course of this year. All markets' eyes are on this event, in which case the price of XRP might skyrocket in case of a positive outcome. Until that occurs, the price of XRP will stay supported exclusively by market anticipation, in which sense, it might continue with its volatile path. As per current charts, the support line at $0.5 is tested. In case that it is breached to the downside, XRP will head toward the next support at $0.45. On the opposite side, a short term resistance line at $0.55 might also be tested for one more time in the week ahead.
Strong swings in price pushed the RSI indicator into the clear overbought side. Short reversal started as of the end of the previous week, when the indicator reached level of 65. Moving average of 50 days was moved quite close to its MA200 counterpart, but the Golden cross is still missing. Whether it might occur in the week ahead is up to be seen. There is still a small distance between two lines.
Ripple officials are commenting in public that the resolution of the SEC`s dispute might end during the course of this year. All markets' eyes are on this event, in which case the price of XRP might skyrocket in case of a positive outcome. Until that occurs, the price of XRP will stay supported exclusively by market anticipation, in which sense, it might continue with its volatile path. As per current charts, the support line at $0.5 is tested. In case that it is breached to the downside, XRP will head toward the next support at $0.45. On the opposite side, a short term resistance line at $0.55 might also be tested for one more time in the week ahead.
