Hello guys,
The weekend of May 16-17 was marked by a low volatility session on Saturday, during which the XRP token made a short move up to $0.199. It continued with its good performance on Sunday and closed the week at $0.201 or 4.1 percent higher compared to the previous seven-day period.
The problem with XRP is that it continued to be is stuck in the wider $0.18-$0.23 area for more than a month and is not showing any signs of a breakout in either direction. Trading volumes also started to decrease and fell to $1.4 billion today morning - 40 percent down from Tuesday, May 12 when they peaked at $2.4 billion.
What is more interesting is the fact that the XRPUSD pair is clearly ranging in the narrow corridor between the 26 and 50-day EMAs since last Monday. In the meantime, the short-term exponential average is about to meet the 100-day one in the next few days, so let's hope the price reacts positively there and breaks out, hopefully to the levels above $0.215. Next target up will be $0.23.
On the 1-h chart, we are seeing a solid bullish movement since yesterday evening as the coin climbed above the last reached high.
In brief, I expect an interesting few days for XRP, so let's see how the setup unfolds.
Cheers,
The weekend of May 16-17 was marked by a low volatility session on Saturday, during which the XRP token made a short move up to $0.199. It continued with its good performance on Sunday and closed the week at $0.201 or 4.1 percent higher compared to the previous seven-day period.
The problem with XRP is that it continued to be is stuck in the wider $0.18-$0.23 area for more than a month and is not showing any signs of a breakout in either direction. Trading volumes also started to decrease and fell to $1.4 billion today morning - 40 percent down from Tuesday, May 12 when they peaked at $2.4 billion.
What is more interesting is the fact that the XRPUSD pair is clearly ranging in the narrow corridor between the 26 and 50-day EMAs since last Monday. In the meantime, the short-term exponential average is about to meet the 100-day one in the next few days, so let's hope the price reacts positively there and breaks out, hopefully to the levels above $0.215. Next target up will be $0.23.
On the 1-h chart, we are seeing a solid bullish movement since yesterday evening as the coin climbed above the last reached high.
In brief, I expect an interesting few days for XRP, so let's see how the setup unfolds.
Cheers,
