XRPUSD Long-term Trend – Ranging
Distribution territories: $1.00, $1.10, $1.20.
Accumulation territories: $0.40, $0.30, $0.20.
Market movements in XRPUSD still have a ranging outlook this week. Recently, the ranging trend has been notably been having much lower lows than lower highs. The pair’s value has only been lightly driven past the accumulation territory of $0.50. The price«s action has also been hovering around the immediate accumulation territory.Source: CryptoCompare
The sudden downward slide in most cryptocurrency, on June 10, has forced it to trade around the accumulation territory of $0.50 which still serves as part of its range-bound confinement. Both the two SMAs are still within the confinement, as the 50-day SMA is closely above the 13-day SMA.
The price seems to currently be inactive between the tight space of the 13-day SMA and horizontal line at $0.50. The Stochastic Oscillators are now consolidating close below range 20. The ranging trend may be prolonged for next few weeks. The current trending outlook is expected to take a new form by briefly driving the market price down to find a better chance for the bulls. Traders are expected to look for a financially safe way of taking long entries.
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