XRPUSD Long-term Trend – Ranging
Distribution territories: $1.10, $1.20, $1.30.
Accumulation territories: $0.50, $0.40, $0.30.
XRPUSD has been contained within the distribution territory of $1.00 and accumulation territory of $0.50, with its price currently going southward. Unlike previous weeks, where the pair was hitting more lower highs than lower lows, it’s seeing lower lows than lower highs this week. Both the bulls and the bears have failed to turn around the current cryptocurrency’s current trend.
Within the well-defined range, the 13-day SMA is above the 50-day SMA. Its price has been able to fluctuate from the 13-day SMA’s trend line and is now averaging the 50-day SMA. The Stochastic Oscillators have crossed and moved past the range of 20 in the oversold zone.
As expected, the bears seem to be taking the lead against the bulls’ strength, but this may be short-lived. A long bullish candlestick needs to mark the beginning of a bullish market trend. Investors can watch out for a decent pullback to enter, whilst the traders on the bearish trend can follow it for a short period, and also watch out for a pullback to take a long entry with the use of proper fund management rules.
The views and opinions expressed here do not reflect that of CryptoGlobe.com and do not constitute financial advice. Always do your own research.
