Ripple: $0.40 support as a safe zone
Markets have slowed down, and so is XRP. There has not been much movement during the previous week, but trading volumes have also decreased. To some extent, this could be positive for XRP, considering the depth of its market. Highest level reached during the week was $0.44, lowest one was $0.34. For the moment, it seems that the $0.40 support line is a safe zone for the XRP.
RSI was trying to revert its path from the oversold territory, but it only modestly managed to do that, by reaching its highest level at 33. This means that the coin did not start its reversal process after it reached a clear oversold zone. Moving averages of 50 and 200 days started a path to downside, with MA50 now moving away from its MA200 counterpart.
Current charts are showing that XRP feels comfortable around the $0.40 support line, which is positive. However, it should not be forgotten that the market is still waiting for that significant news regarding inflation slowdown, in which sense; some further surprises are possible in the coming period. In case that market finds strength for a reversal move, there is some potential that the price of XRP might head again toward the $0.5 resistance line.
Disclaimer: This article provides exclusive views of the author. It does not in any sense represent a suggestion for trading.
RSI was trying to revert its path from the oversold territory, but it only modestly managed to do that, by reaching its highest level at 33. This means that the coin did not start its reversal process after it reached a clear oversold zone. Moving averages of 50 and 200 days started a path to downside, with MA50 now moving away from its MA200 counterpart.
Current charts are showing that XRP feels comfortable around the $0.40 support line, which is positive. However, it should not be forgotten that the market is still waiting for that significant news regarding inflation slowdown, in which sense; some further surprises are possible in the coming period. In case that market finds strength for a reversal move, there is some potential that the price of XRP might head again toward the $0.5 resistance line.
Disclaimer: This article provides exclusive views of the author. It does not in any sense represent a suggestion for trading.
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