XRPUSD Long-term Trend – Ranging
Distribution territories: $0.80, $0.90, $1.
Accumulation territories: $0.35, $0.25, $0.15.
Almost just like last week Ripple’s XRP commenced ranging movements this week. These have been very tightly appearing to go southwards. The bears haven’t been able to convincingly gather a force strong enough to drive the market, but they seem to be in control of the ranging movements.
Another notable development for XRP is that it has been slowly hovering below the 14-day SMA’s trend-line towards and around the lowest price point that it once hit on June 29 and July 14.
There is a considerable space between the two SMAs as the 14-day SMA is still below the 50-day SMA. The Stochastic Oscillators have moved south to briefly pass range 20. This suggests that placing any trades may be avoidable for a while, as XRP has been pushed southwards to touch its last lowest price point at $0.42, and isn’t expected to be dragged further for a while
By now, the bulls may be tightening their seatbelts in order to stage a comeback into the market and make a considerable move. Traders may be on the lookout for decent long trading entries.
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