XRPUSD Long-term Trend – Ranging
Distribution territories: $0.60, $0.70, $0.80.
Accumulation territories: $0.40, $0.30, $0.20.
XRPUSD pair continues to make its move in a range bound. On April 3rd, a specific lower high was experienced in the market ranging trend. Whilst on the following day, it slumped back to the bottom of the previous accumulation territory of $0.50. Price has been ranging closely along the moving average 13 while moving average 50 is far above the price value.
The stochastic oscillator is still in the oversold zone trying to equally determine its directional movement. These current price formations yet suggest that a ranging trend is in place and could as well continue in its ranging outlook for more few days and weeks. It is still difficult up till now to determine a clear-cut directional movement on XRPUSD. But, one disputable fact is that it needs to accumulate momentum from lower lows of different accumulation territories to suggest an entry for the bulls. Simultaneously, traders can still exercise some level of precautionary bias as a bullish trend may not be coming so soon.
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