Ripple: time for short reversal?

Previous week XRP started around $0.55 support line, however, the coin was swiftly pushed to the downside in line with general market sentiment. Lowest level reached was $0.33 when significant buy orders started to occur. It is only a guess that Ripple intervened on the market in order to stop further drop in price. After this, XRP reverted to the up side, finishing the week modestly above the $0.40 support line. RSI reached a clear oversold market, where the indicator was moving since the start of this week. Moving average of 50 days is speeding up movement to downside, to the point where it looks like the start of divergence from MA200.

XRP is finishing the week at $0.40 support line and with prevailing selling orders. This might be an indication that the start of next week will put the coin under challenge to sustain this level. In case that $0.4 is breached, the next target of XRP might be the $0.35 support line. In case that coin starts reversal from the oversold market, $0.45 up to $0.5 might be levels to test.

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