XRPUSD Medium-term Trend: Ranging
Supply Levels: $0.84, $0.83, $ 0.82
Demand levels: $0.78, $0.79, $0.80
Yesterday, Ripple price was fluctuating between the resistance level at $0.90 and the support level at $0.80. Neither the bulls nor the bears have been able to break any of the key levels. However, if the bulls break the resistance level, traders should place long trades. On the other hand, if the bears broke the support level, traders should take short trades. Today, Ripple price was trading at $0.82 at the time of trading.
However, as the ranging market is ongoing, traders can adopt a range bound market strategy. This strategy is necessary only when the key levels are intact or not broken. Another reason is that the price is evenly apart between the resistance level and the support level. Therefore, when the price gets to the resistance level, you should take a short trade and your take-profit near the support zone.
Similarly, when the price gets to the support level, you should take a long trade and your take-profit near the resistance zone. However, in your long trades, you should put your stop loss below the support level. Also, in your short trades, you should put your stop loss above the resistance level. If price eventually breaks any of the key levels, the stop loss and the take-profits will take care of it.
XRPUSD Short-term Trend: Ranging
The daily chart shows that Litecoin is in a ranging market. At $0.84, Litecoin ranged and fell to $0.79. The asset price made another attempt to rise and, at the same time, to resume its range bound movement.
The views and opinions expressed here do not reflect that of CryptoGlobe.com and do not constitute financial advice. Always do your own research.
