Ripple: downside pressures continue
During the previous week, XRP continued its slow moves around the $0.4 support line. Still, downside pressures continued during the week. This was particularly evident on Friday`s trading when volume of daily trading reached double the size of previous sessions, with prevailing selling orders. Price of XRP moved down to $0.37, however, the coin managed to sustain this level and not slip further.
For one more time within the last two weeks, RSI has been pushed to the oversold territory. At this moment, it seems so hard for currency to revert its path toward the overbought line. RSI continues to move around level of 30, with no indication that reversal is ahead. Moving averages of 50 and 200 days are moving to the downside for some time now, where MA50 started its stronger divergence from MA200 counterpart.
At this moment it is positive for XRP that the coin manages to sustain a $0.4 support line. Although it has been modestly breached during the previous week, the move to the downside has not been strong enough to move the coin away from this level. Current charts are showing potential for this level to hold in the coming period. However, in case of negative fundamentals, there is a probability that the price of XRP might be pushed further down to the next support line at $0.35.
Disclaimer: This article provides exclusive views of the author. It does not in any sense represent a suggestion for trading.
For one more time within the last two weeks, RSI has been pushed to the oversold territory. At this moment, it seems so hard for currency to revert its path toward the overbought line. RSI continues to move around level of 30, with no indication that reversal is ahead. Moving averages of 50 and 200 days are moving to the downside for some time now, where MA50 started its stronger divergence from MA200 counterpart.
At this moment it is positive for XRP that the coin manages to sustain a $0.4 support line. Although it has been modestly breached during the previous week, the move to the downside has not been strong enough to move the coin away from this level. Current charts are showing potential for this level to hold in the coming period. However, in case of negative fundamentals, there is a probability that the price of XRP might be pushed further down to the next support line at $0.35.
Disclaimer: This article provides exclusive views of the author. It does not in any sense represent a suggestion for trading.
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