XRPUSD Long-term Trend – Ranging
Distribution territories: $1.10, $1.20, $1.30.
Accumulation territories: $0.50, $0.40, $0.30.
XRPUSD continues to range in the long-term. The bearish run on May 6, that saw the pair plummet from the $0.9450 distribution territory, gradually faded off on May 12. This due to the formation of a bullish hammer that brought the buyers back.
The buyers moved the price up to $0.7485, above the 50-day SMA. The price was later pushed back down by the sellers, to around the 13-day SMA. The pair is trading within the upper distribution range of $1.00 and the lower accumulation range of $0.50.
The Stochastic Oscillator is in the oversold region at 21 percent. The indicator shows no define direction but the overall consolidation that is happening in XRP. Investors and traders should be patient and wait for the pair to give them a direction. Due to necessity, the trend will be defined after the consolidation. Either a breakout to the upside from the range or a breakdown to the downside will occur. Traders should be patient and ride the market either way.
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