XRPUSD Medium-term Trend: Ranging
Supply Levels: $0.85, $0.80, $ 0.75
Demand levels: $0.55, $0.60, $0.65
Last week, the XRPUSD pair was range bound between the levels of $0.75 and $0.65. Ripple’s price tested the support level at $0.65 for about four times without breaking it, while the bulls tested the resistance level at $0.75 on several occasions without breaking it. Since these levels were strong enough to hold, we can place short trades at the resistance level, and exit near the support zone.
At the support level, place long trades and exit near the resistance zone. For your short trades, put a stop loss above the resistance level. For long trades, you place a stop loss below the support level. Stop loss placement will help reduce losses against possible breakouts. Ripple is trading at $0.68 at press time. From the weekly chart, the bullish movement of price of Ripple was resisted at the $0.70 price level.
If the asset breaks the resistance at $0.70, its price will reach highs of $0.75 and $0.80. Range bound trading is best when it gets to the resistance level of $0.75 or support level of $0.65. The price of Ripple may continue its range bound movement if the $0.70 price level holds.
XRPUSD Short-term Trend: Ranging
Ripple’s price is in a ranging market. At $0.68, Ripple had a bullish movement to highs of $0.69 and $0.70. The asset now commenced its range bound movement at those price levels.
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