XRPUSD Long-term Trend – Bearish
Distribution territories: $0.80, $0.90, $1.00.
Accumulation territories: $0.30, $0.20, $0.10.
XRPUSD has been seeing more lower lows than lower highs over the past few months. The pair long-term trend can be seen as bearish as it was able to breach past the accumulation territory of $0.50, and the price has been slowly declining for quite a while.Ripple Chart by TradingView
A significant decline was experienced on July 10. The 50-day SMA is located above the 14-day SMA as the price is now headed south towards the accumulation territory of $0.40. The Stochastic Oscillators have gone below range 40 and touched range 20.
This suggests that the price could still go further south. It appears the cryptocurrency’s long-term trend is still going to continue bearish for the next few days or weeks. The formation of lower lows may lead to the appearance of a confluence of short Japanese candlesticks below the current trend-line of the 14-day SMA.
Traders and investors can potentially enter long positions when the market shows strong reversal signs from the bearish trend.
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