During the previous week XRP was following general market sentiment and finished the week 17% lower from the end of a week before. On a positive side, XRP managed to lose lower compared with major coins. This probably comes from the fact that XRP previously was following a continued down trend, where the price was already adjusted to the future market expectations. This statement is also supported by the RSI who reached level of 30 as of the end of the week, but still did not reach a clear oversold market.
XRP started the week around level of $0.36 and below support line of $0.4. In line with market sentiment, the price went down to the lowest weekly level of $0.28, where the coin is finishing this week. During the week there has been mixed both selling and buying orders, which supported the price not to fall deeper into the red zone. Moving averages of 50 and 200 days are continuing their divergence from each other, with a continuing down trend for the last three months.
RSI is indicating that a short price reversal might be in store for XRP in the coming days. Certainly, it is too early to confirm that the price bottom line has been reached after the latest downturn on the markets. Monday will be the day to watch for confirmation. If the selling orders continue, then the price might seek a level of $0.20 support. On the opposite side, if the bottom line is reached, then the coin might modestly revert back to the level of resistance at $0.3. Current charts are pointing probability for $0.40 level, but it should be taken with reserve until market calms down.
Disclaimer: This article provides exclusive views of the author. It does not in any sense represent a suggestion for trading.
XRP started the week around level of $0.36 and below support line of $0.4. In line with market sentiment, the price went down to the lowest weekly level of $0.28, where the coin is finishing this week. During the week there has been mixed both selling and buying orders, which supported the price not to fall deeper into the red zone. Moving averages of 50 and 200 days are continuing their divergence from each other, with a continuing down trend for the last three months.
RSI is indicating that a short price reversal might be in store for XRP in the coming days. Certainly, it is too early to confirm that the price bottom line has been reached after the latest downturn on the markets. Monday will be the day to watch for confirmation. If the selling orders continue, then the price might seek a level of $0.20 support. On the opposite side, if the bottom line is reached, then the coin might modestly revert back to the level of resistance at $0.3. Current charts are pointing probability for $0.40 level, but it should be taken with reserve until market calms down.
Disclaimer: This article provides exclusive views of the author. It does not in any sense represent a suggestion for trading.
