XRPUSD Long-term Trend – Ranging

Distribution territories: $0.60, $0.70, $0.80.

Accumulation territories: $0.40, $0.30, $0.20.

The XRPUSD pair has made a noticeable southward ranging movement. The market price value declined as the price action had been able to test last week’s immediate accumulation territory of $0.50. The moving average 13 and moving average 50 are also trending southward. The stochastic oscillator is in the oversold zone trying to determine its direction.

Ripple, XRPUSD, Cryptocompare chart

All these current price formations suggest that a ranging market is still extant and could continue its ranging outlook for more few weeks. Neither bearish position nor bullish position can be suggested as at present. However, if the market fails to make a strong movement above the next distribution territories of $0.60 and $0.70. The market might continue is bearish trend for some days and weeks. Traders can only be advised to stay aside and be watchful for a well-defined market direction to come. 

 

The views and opinions expressed here do not reflect that of CryptoGlobe.com and do not constitute financial advice. Always do your own research.