XRPUSD Long-term Trend: Ranging
Distribution territories: $0.80, $0.90, $1.00.
Accumulation territories: $0.50, $0.40, $0.30.
XRPUSD pair has neither been able to continue its bearish trend nor make an upward reversal move for a few weeks. It is currently trading in a ranging outlook a couple. The market has been ranging between the distribution territories of $0.70 and $0.60. Stochastic oscillator oscillates neither southward nor northward. As a result, no definite direction has yet been established. The moving average 13 lies below the moving average 50 and the price has well been ranging within the two moving averages.
By these analytical indicators, a ranging movement is still in place as at the time of writing. The suggestion for traders is to stay watchful. There is a probability that there will be a strong price action that can lead to either a breakout northward or southward. Traders can enter the market by taking a short position if it eventually breaks the immediate accumulation territory of $0.50 or a long position for breaking above the immediate distribution territory of $0.80.
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