XRPUSD Long-term Trend – Ranging
Distribution territories: $1.10, $1.20, $1.30.
Accumulation territories: $0.50, $0.40, $0.30.
For the past week, the XRPUSD pair has been witnessing an increase in value in the range-bound. The range-bound occurred on February 18, at around the $1.00 distribution territory and formed a series of bottoms around the accumulation territory of $0.50. The simple moving average 13 has tested the trend line of the simple moving average 50 from below. Bulls have been able to push northward above the two simple moving averages.
Now, a reversal has also been spotted around the $0.90 distribution territory. The stochastic oscillators have dipped into the overbought zone above the range of 80. As observed, Ripple was still being traded against the US dollar between a well-defined range bound quite a few months ago. Usually, this pair needs to acquire some decent catalyst as once experienced on December 21, to confirm the entry of the bullish market. Being as it is, Investor can still probably watch out for the northward breakout of the range-bound which can occur in a few weeks.
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