XRP Long-term Price Analysis

Azeez Mustapha
  • There is a a chance the cryptocurrency will see another set of ranging movements between the territories of $0.35 and $0.25..
  • A bullish market isn’t foreseeable any time soon.

XRPUSD Long-term Trend – Bearish

Distribution territories: $0.55, $0.65, $75.

Accumulation territories: $0.20, $0.15, $0.10.

Over the past few weeks, Ripple’s XRP had been maintaining a ranging trend outlook. The long-ranging movements in the price of the cryptocurrency eventually ran in the bears’ favor on August 7, while the accumulation territory of $0.40 was breached southbound distinctively.

Ripple, XRPUSD, Cryptocompare chartXRP Chart by TradingView

On August 8, the cryptocurrency endured an intense drop, and on August 9, it experienced a very small correction. The following day, August 10, its price kept on going down. XRP’s price went past the accumulation territory of $0.30.

The 14-day SMA is still located below the 50-day SMA, and is bent south. The Stochastic Oscillators have dipped into the oversold zone and are now consolidating within it. This suggests traders should be cautious. There is a a chance the cryptocurrency will see another set of ranging movements between the territories of $0.35 and $0.25.

A bullish market isn’t foreseeable any time soon. However, investors may consider buying into this crypto or wait for a lower price. Traders should look for an upward breakout to join the trend.

The views and opinions expressed here do not reflect that of CryptoGlobe.com and do not constitute financial advice. Always do your own research.