XRPUSD Long-term Trend – Ranging
Distribution territories: $1.10, $1.20, $1.30.
Accumulation territories: $0.50, $0.40, $0.30.
Ripple, persistently continues its movement against the US dollar within the distribution territory of $1.00 and the accumulation territory of $0.50. Currently, those two territories have marked the definite range over two months ago.
The pair is now witnessing higher highs and lower lows. The 13-day SMA has crossed the 50-day SMA from below as the price has been hovering along the trend line of the 13-day SMA.
The Stochastic Oscillators had dipped into the overbought zone, but are now below the 80 range, indicating a strong outlook as there is no strong price action. XRP/USD, as it has been closely observed a few months back, still needs a strong catalyst to break out the long-range bound.
Bears are expected to take advantage of the market, but they will be weakened in a short while to pave way for the bulls. Investors are expected to watch out for a reversal from any sudden decline before taking a long entry position. Traders can probably look out for a strong break out before joining the trend, and always apply proper money management.
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