For one more time, issues about struggling US banks are shaping the market sentiment, however, XRP continues to be supported by the news surrounding Ripple. During the previous week, the company noted in its XRP Markets Report, that it managed to increase the worth of sold XRP tokens to
361
million in the Q1 2023, compared to the
226
million in Q4 2022. This comes as a result of Ripple`s strategy to develop its international payment network based on XRP token, with the aim to allow international payments excluding correspondent banking. Although the price of XRP reached a minimum level at $0.43 during the week, it soon reverted to the upside, finishing the week around $0.47 level. The struggle for $0.5 resistance still holds for this coin.
RSI went from the level of 45 up to 50 during the week, however, it does not point that the market is still ready to head toward the overbought side. The indicator shows that it is still more oriented toward the oversold side, which might impact the price of XRP in the coming period. Moving average of 50 days continues to diverge from MA200 counterpart, which is positive, as it still supports the Golden cross.
Current charts are pointing to higher potential for a $0.45 support line to be tested in the coming days. There is currently a lower probability that this level could be breached further to the downside. On the opposite side, there is also a lower probability for a test of $0.5 resistance. The coin first needs to finish the move to the downside and reach the clear oversold side, in order to head back toward the $0.5 resistance.
RSI went from the level of 45 up to 50 during the week, however, it does not point that the market is still ready to head toward the overbought side. The indicator shows that it is still more oriented toward the oversold side, which might impact the price of XRP in the coming period. Moving average of 50 days continues to diverge from MA200 counterpart, which is positive, as it still supports the Golden cross.
Current charts are pointing to higher potential for a $0.45 support line to be tested in the coming days. There is currently a lower probability that this level could be breached further to the downside. On the opposite side, there is also a lower probability for a test of $0.5 resistance. The coin first needs to finish the move to the downside and reach the clear oversold side, in order to head back toward the $0.5 resistance.
