It was another good week for XRP. The price of the coin was traded with a clear uptrend during the whole week. Price started at level around $0.43 and ended the week by testing the resistance line at $0.50. Buying orders were dominating the market. Although two weeks ago, the market reached a clear overbought level, it seems like it is still not ready for a clear reversal to the downside.
RSI was modestly pushed from level of 75 down to 56, and as of the end of the week the indicator reverted back to the level of 68. At this moment, there is a significant potential that the clear overbought side of the market might be reached once again. Moving averages of 50 and 200 days continue to clearly converge toward each other, increasing the potential for a golden cross in the near future.
Based on current charts, and strong buying orders, there is an increased probability for the $0.50 resistance line to be broken in the coming days. If that occurs, then the RSI will clearly move to the overbought side, for one more time within the last two weeks. This could be the point of the final short term price reversal. At this point there is higher potential for $0.45 short support line to be tested, and lower probability that the price might go down to the $0.40 support line.
RSI was modestly pushed from level of 75 down to 56, and as of the end of the week the indicator reverted back to the level of 68. At this moment, there is a significant potential that the clear overbought side of the market might be reached once again. Moving averages of 50 and 200 days continue to clearly converge toward each other, increasing the potential for a golden cross in the near future.
Based on current charts, and strong buying orders, there is an increased probability for the $0.50 resistance line to be broken in the coming days. If that occurs, then the RSI will clearly move to the overbought side, for one more time within the last two weeks. This could be the point of the final short term price reversal. At this point there is higher potential for $0.45 short support line to be tested, and lower probability that the price might go down to the $0.40 support line.
