XRPUSD Long-term Trend – Ranging
Distribution territories: $0.80, $0.90, $1.00.
Accumulation territories: $0.40, $0.30, $0.20.
On Thursday , XRP/USD witnessed a spike in market value but yet in a range bound. The bulls managed to breach past the distribution territory of $0.60, tried to test the $0.70 one as well and now seemingly averaging northwards. The stochastic oscillators have crossed and moved well above 50 range from the oversold zone.
The price has only been able to break a bit above the moving average 13, but is currently traded below the moving average 50. In spite of these current price formations, the assumption remains that a ranging trend is still in place and could as well continue in its ranging outlook for a few weeks. XRP/USD has yet not been able to maintain a distinct directional movement. This pair still needs to accumulate momentum from lower lows of different accumulation territories, to suggest an entry for the bulls. Investors can as well still exercise some level of precautionary bias as a bullish trend may not be experienced.
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