During the previous week fundamentals were shaping the market sentiment, over FED Chair Powell testimony in the US Congress and collapse of the Silicon Valley Bank, however, XRP managed to stay in a relatively calmer mood. During the week XRP was one of the rare coins whose loss in market cap was relatively low, and in a range of “only” 2%. The coin started the previous week around $0.4 resistance line, and reached support at $0.35 during the general sell-off on the markets. Considering general circumstances, this could be treated as a good performance during the previous week.
The RSI indicator moved from the line of 50 to the downside, but only to the level of 42. Clear oversold side of the market is still away, leaving space for the coin to move to the lower levels until it reaches the clear oversold side. On the other hand, moving averages of 50 and 200 days continue to move as two parallel lines, without any indications of a potential cross in the coming period.
Current charts are implying the possibility for the price of XRP to move to the lower grounds at the level of $0.33, where the coin was in January this year. It is unclear whether such a move could occur during the week ahead. On the opposite side, there is a possibility for a short price reversal, at least to the level of $0.38, and with lower probability that the coin will again test $0.40 resistance in the coming week. Certainly, considering that fundamentals are currently shaping market sentiment, investors precaution is advisable.
The RSI indicator moved from the line of 50 to the downside, but only to the level of 42. Clear oversold side of the market is still away, leaving space for the coin to move to the lower levels until it reaches the clear oversold side. On the other hand, moving averages of 50 and 200 days continue to move as two parallel lines, without any indications of a potential cross in the coming period.
Current charts are implying the possibility for the price of XRP to move to the lower grounds at the level of $0.33, where the coin was in January this year. It is unclear whether such a move could occur during the week ahead. On the opposite side, there is a possibility for a short price reversal, at least to the level of $0.38, and with lower probability that the coin will again test $0.40 resistance in the coming week. Certainly, considering that fundamentals are currently shaping market sentiment, investors precaution is advisable.
