During the turbulent week on the crypto market, XRP remained relatively steady. However, during the previous week, the coin made its major breakthrough to the higher grounds and even managed to reach a level of $0.49 at one moment. This was a market reaction on the news of potential soon resolution of Ripple`s lawsuit with the SEC, which might end positively for Ripple. This news also supported XRP`s price to hold at the higher grounds during the course of the week. XRP is ending the week around $0.45 level.
Huge price push to the higher grounds, led the RSI indicator to the clear overbought side of the market. It was also an indication that short reversal might be expected soon. RSI finished the week around level of 60. Moving averages of 50 and 200 days are still moving as two parallel lines, and still not providing an indication on potential cross in the coming period.
It could be expected that the price of XRP will continue to be supported by the positive news related to the SEC lawsuit. The price has already reverted a bit to the downside, testing the current $0.45 support line. It could be expected that XRP will start a week ahead by continued testing of this line. In case that the line is breached to the downside, then the next support line at $0.40 might be tested. On the opposite side, more positive news might push the price again to the $0.5 resistance level. However, as per current charts this move has lower probability of occurrence.
Huge price push to the higher grounds, led the RSI indicator to the clear overbought side of the market. It was also an indication that short reversal might be expected soon. RSI finished the week around level of 60. Moving averages of 50 and 200 days are still moving as two parallel lines, and still not providing an indication on potential cross in the coming period.
It could be expected that the price of XRP will continue to be supported by the positive news related to the SEC lawsuit. The price has already reverted a bit to the downside, testing the current $0.45 support line. It could be expected that XRP will start a week ahead by continued testing of this line. In case that the line is breached to the downside, then the next support line at $0.40 might be tested. On the opposite side, more positive news might push the price again to the $0.5 resistance level. However, as per current charts this move has lower probability of occurrence.
