XRPUSD Long-term Trend – Ranging
Distribution territories: $1.00, $1.10, $1.20.
Accumulation territories: $0.40, $0.30, $0.20.
XRPUSD has consistently been in a ranging trend over the past few months. The pair has been stagnant, moving within the range-bound distribution territory of $1.00 and the accumulation territory of $0.50. The bears took over the market on June 10, and drove it southward close to the accumulation territory of $0.50.
The accumulation territory of $0.50 still seems to be a strong point the bears have been finding hard to breach. The 50-day SMA is above the 13-day SMA. The market price has been fluctuating between the trend-line of the 13-day SMA and the accumulation territory of $0.50.
The Stochastic Oscillators have only strived to touch range 20 but have slightly crossed northward. The strong bias on XRPUSD indicates it will be later on pushed southward against the accumulation territory of $0.50. Thereafter, the bulls can potentially create a safe scenario to stage a market comeback. Be that as it may, investors and traders should watch out for a decent upward breakout to take long entries.
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