Previous week XRP started by testing the $0.40 resistance line. This line was a target of the coin for the last two months. For one more time XRP was not able to break the resistance toward the upside, and the coin reverted back, to the short term support at $0.35. However, this move was supported by negative market sentiment regarding future macroeconomic prospectus and FTX contingencies.
During the week RSI did not manage to break the 50 line and moved back to the level of 34. This shows that the market is still not ready for a push toward the overbought side, and continues to eye the oversold side of the market. At the same time MA200 is moving closer to its MA50 counterpart, but an eventual cross is still not in store for this coin.
Markets are still unsure which side to take, and considering forthcoming Holiday season on the Western markets, it should not be expected to change the current situation till the end of the year. Current charts are pointing to some potential for XRP to move lower, at least to the level of $0.33 or $0.30 as the next support line. On the opposite side, there is a low probability that $0.40 might be tested again in the week ahead.
During the week RSI did not manage to break the 50 line and moved back to the level of 34. This shows that the market is still not ready for a push toward the overbought side, and continues to eye the oversold side of the market. At the same time MA200 is moving closer to its MA50 counterpart, but an eventual cross is still not in store for this coin.
Markets are still unsure which side to take, and considering forthcoming Holiday season on the Western markets, it should not be expected to change the current situation till the end of the year. Current charts are pointing to some potential for XRP to move lower, at least to the level of $0.33 or $0.30 as the next support line. On the opposite side, there is a low probability that $0.40 might be tested again in the week ahead.
