General market sentiment was not on a positive side during the previous week, due to news related to the Silvergate bank. Investors are generally on hold, in which sense, XRP was not able to perform better than it did during the previous week. On the other hand, Ripple has its own battles to fight on a side with SEC dispute, which is something that was shaping the price of XRP for more than a year.
For some time the $0,40 resistance line was a hard task for XRP, so the coin reverted to the downside. During the previous week this level was not tested, but the coin rather started the week around $0,38 level. Selling orders prevailed in the market during the week, so the price of the coin was continuously under the pressure, ending the week around $0,36 level. Lowest weekly level was at $0,35, however, it occurred on only one occasion, when the coin reverted to the previous levels. RSI is still moving below the line of 50, reaching level of 42 as of the end of the week. This continues to be an indication that the market continues to be oriented more toward the oversold side, which puts further pressures on the XRP`s price.
As per current charts, selling pressures are evident. However, the positive side of current market sentiment is that the trading volumes continue to decrease, which points that investors are on hold. In this sense, it should not be expected that some significant moves to either side could occur. In this sense, there is some probability that XRP might turn further to the downside and test the $0,35 support line. On the opposite side, there is significantly decreased probability that the price could go higher from $0,38.
For some time the $0,40 resistance line was a hard task for XRP, so the coin reverted to the downside. During the previous week this level was not tested, but the coin rather started the week around $0,38 level. Selling orders prevailed in the market during the week, so the price of the coin was continuously under the pressure, ending the week around $0,36 level. Lowest weekly level was at $0,35, however, it occurred on only one occasion, when the coin reverted to the previous levels. RSI is still moving below the line of 50, reaching level of 42 as of the end of the week. This continues to be an indication that the market continues to be oriented more toward the oversold side, which puts further pressures on the XRP`s price.
As per current charts, selling pressures are evident. However, the positive side of current market sentiment is that the trading volumes continue to decrease, which points that investors are on hold. In this sense, it should not be expected that some significant moves to either side could occur. In this sense, there is some probability that XRP might turn further to the downside and test the $0,35 support line. On the opposite side, there is significantly decreased probability that the price could go higher from $0,38.
