XRPUSD Long-term Trend – Ranging
Distribution territories: $0.55, $0.65, $75.
Accumulation territories: $0.20, $0.15, $0.10.
XRP has been seeing a series of lower lows and lower highs in its price since August 18. It must be noted the cryptocurrency hasn’t been able to withstand the bearish pressure it has been suffered for some time, which has been seeing it lose value against the US dollar.
The crypto’s price has only briefly been traded above the 14-day SMA or along its trendline, and has been under the 50-day SMA. The 50-day SMA is still situated above the 14-day SMA.
The Stochastic Oscillators have moved north, and are now consolidating around range 40. This has suggests traders should avoid entering positions for a while. The accumulation territory of $0.25 appears to be the minimum price the bears will be able to push the market to, as their pressure may soon be over.
While that assumption may be proven genuine, the bulls will gathering their strength to come back into the market. Taking that into account, wise investors – and traders – may pay attention to decent long entries in XRP.
The views and opinions expressed here do not reflect that of CryptoGlobe.com and do not constitute financial advice. Always do your own research.
