For some time now it is evident on the charts that XRP doesn’t like to follow general market sentiment. Some analysts perceive XRP as a good diversification coin for major coins on the market. Positive news about Ripple`s further expansion to the European markets are certainly the ones which strongly support the price of XRP. During the previous week the coin managed to make a strong push from $0.34 all the way up to $0.4 resistance line, as of the end of the week. The coin is also finishing the week around this level.
RSI made a move from level of 40 up to 50. It shows the possibility that the market is preparing for the move toward the overbought side. On the other hand, it is a bit concerning that the moving average of 50 days has turned its path toward the MA200 a week after two lines created the so-called golden cross. It will take a week or more until a clear potential for the “dead cross” is clearly revealed. Markets are currently on hold, in which sense; technical indicators should be taken with precaution.
There are significantly decreased daily trading volumes, which will continue to impact the price moves within a very short range. It is positive for XRP that buying orders were the ones that dominated the market during the previous week. In this sense, it might be expected that the coin will continue to test the $0.40 resistance line, with equal probability for a short break at the $0.35 short support line.
RSI made a move from level of 40 up to 50. It shows the possibility that the market is preparing for the move toward the overbought side. On the other hand, it is a bit concerning that the moving average of 50 days has turned its path toward the MA200 a week after two lines created the so-called golden cross. It will take a week or more until a clear potential for the “dead cross” is clearly revealed. Markets are currently on hold, in which sense; technical indicators should be taken with precaution.
There are significantly decreased daily trading volumes, which will continue to impact the price moves within a very short range. It is positive for XRP that buying orders were the ones that dominated the market during the previous week. In this sense, it might be expected that the coin will continue to test the $0.40 resistance line, with equal probability for a short break at the $0.35 short support line.
