XRPUSD Long-term Trend – Ranging
Distribution territories: $1.00, $1.10, $1.20.
Accumulation territories: $0.30, $0.20, $0.10.
Ripple’s XRP, like many other cryptocurrencies saw its value rise against the US dollar this week. The cryptocurrency’s price had been pushed beyond the last long-lasting accumulation territory of $0.50, characterized by double bottoms that occurred between April 6 and 7. A sudden spike in its price that occurred on July 2 pushed the cryptocurrency back into a long-lasting range-bound.
Its price has been ranging around the 14-day SMA’s trend-line for a while. Lower highs take up the center stage this week over lower lows. The 50-day SMA is located above the 14-day SMA. The Stochastic Oscillators have moved up to range 40, and they are now bent northwards.
This suggests that there is still room for an upward move in the XRPUSD pair. The continuation of XRPUSD’s ranging trend seems to continue until the long-standing range bound is convincingly either broken downward or upward.
The bulls are expected start taking advantage of the market and eventually overcome the bears. Investors can now look for good buying entries while traders long the cryptocurrency from sharp reversal bearish moves.
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