XRPUSD Long-term Trend – Ranging
Distribution territories: $1.00, $1.10, $1.20.
Accumulation territories: $0.40, $0.30, $0.20.
XRPUSD has basically continued to experience lower lows and lower highs in the same long-run range bound territories. The last time that the pair made a good notable rise in its price on May 5, last month. On May 6, the digital currency was losing value in a range bound movement against the market strength of the US dollar.
XRP’s price has been ranging southward along the 13-day SMA trend-line but the immediate accumulation territory of $0.40 has neither been touched nor broken for a while. The 50-day SMA is not too far above the 13-day SMA.
The Stochastic Oscillators have moved from the oversold zone and are now above the range 20 pointing northwards. The ranging market movement as is being witnessed in XRPUSD will likely continue in the next few days or weeks.
The bears can still possibly move the trend southward, beating the bulls. Investors can now join long positions. Traders, especially the swing and the position ones, can probably look out for either an upward breakout or a reversal from a bearish movement to come in with long entries by practicing good fund management principles.
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