XRPUSD Long-term Trend – Bearish
Distribution territories: $0.80, $0.90, $1.00.
Accumulation territories: $0.30, $0.20, $0.10.
XRP, like many other digital currencies, appreciated in July 15 and 17. But, on July 18, the cryptocurrency went back into a bearish trend that has now pushed its price down below the 14-day SMA’s trend-line. The bulls have not yet convincingly been able to push out the bears’ forces.
The 50-day SMA is located above the 14-day SMA. The price is now trending southward below the 14-day SMA’s trend-line. The Stochastic Oscillators have crossed slightly below range 60 to point south.
This means the bears are still somewhat in control of the market. Shorting some of the lower highs may be a profitable trading strategy as the bears are still on top. The bulls will need to gather their strength to turn the market’s trend. Watching out for decent long entries may be wise.
The views and opinions expressed here do not reflect that of CryptoGlobe.com and do not constitute financial advice. Always do your own research.
