The price of XRP has been strongly influenced by news surrounding a more than a year-long dispute between Ripple and SEC. In this sense, it should not be expected that the coin would follow any fundamentals from the market, but instead, it has its own price pattern. Although the whole crypto market is anxiously waiting for a final resolution, still, the higher price movements of XRP might be expected after the final verdict is publicly known.
During the last two weeks, the support line at $0.5 has been continuously tested, but the coin managed to resist the pressure. At the same time daily trading volumes are extremely low, in which sense, there was just no strength to move the price toward either side. Maximum price reached during the week was $0.54 on only one occasion. RSI is still holding around the level of 60, and not providing much inflation about the course of the market. Moving average of 50 days continues to diverge from MA200 counterpart, confirming the Golden cross which occurred two weeks ago. This is also one of the positive developments for the coin, at least per technical analysis, as it indicates potential for a trend reversal in the coming period.
Current support line at $0.5 is strongly supported, which is evident from the charts. As long as there are low daily trading volumes it might be expected that this level will hold. On the opposite side, there could be some modest movement toward $0.55 next short term resistance line, but there is currently low probability that this level could actually be reached in the week ahead.
During the last two weeks, the support line at $0.5 has been continuously tested, but the coin managed to resist the pressure. At the same time daily trading volumes are extremely low, in which sense, there was just no strength to move the price toward either side. Maximum price reached during the week was $0.54 on only one occasion. RSI is still holding around the level of 60, and not providing much inflation about the course of the market. Moving average of 50 days continues to diverge from MA200 counterpart, confirming the Golden cross which occurred two weeks ago. This is also one of the positive developments for the coin, at least per technical analysis, as it indicates potential for a trend reversal in the coming period.
Current support line at $0.5 is strongly supported, which is evident from the charts. As long as there are low daily trading volumes it might be expected that this level will hold. On the opposite side, there could be some modest movement toward $0.55 next short term resistance line, but there is currently low probability that this level could actually be reached in the week ahead.
