XRPUSD Medium-term Trend: Ranging
Supply Levels: $0.52, $0.51, $0.50
Demand levels: $0.46, $0.47, $0.48
Ripple price is still in a range bound movement; it is fluctuating between the resistance level at $0.54 and the support level at $0.46. At the time of writing it is trading at $0.49. Looking at the weekly chart, the bulls are in contention with the bears to have control of the market. The bulls are expected to break the resistance level and take the price beyond $0.54.
XRPUSD Short-term Trend: Ranging
In the daily chart the XRPUSD pair is in a perfect range bound market. A perfect ranging market is where the price tests both the resistance level and the support level. As a trader, you can trade a ranging market. Ripple price is oscillating between the resistance level at $0.49 and the support level at $0.48. Any time you see this setup, you should adopt a range bound market strategy.
If the price tests the resistance level, then you place a short trade and exit near the support zone. If it is at the support level, then place a long trade and exit near a resistance zone. Always put a stop loss and a take profit near the respective zones. These stops are necessary in case of a possible breakout.
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