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.
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.
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