XRPUSD Long-term Trend – Ranging
Distribution territories: $0.50, $0.60, $70.
Accumulation territories: $0.20, $0.15, $0.10.
XRP has, like most other cryptocurrencies, seen its value rise against the US dollar this week. In its first trading day there were no significant price movements. On August 27 and 28 the cryptocurrency saw its price rise in a range-bound outlook.
XRP Chart by TradingView
It should be noted this cryptocurrency has been under a strong selling pressure for a few months. The last time it showed a strong buy signal was on August 17, but since then its price has neither been pushed past the high nor the low of the Japanese bullish candlestick that defined its range. The 50-day SMA is located above both the 14-day SMA.
The Stochastic Oscillators have moved up past range 60. They now appear to be consolidating below range 80. This means traders should enter positions with caution. It’s possible XRP’s price will be brought down to test its low from August 17 in the next few days.
The cryptocurrency appears to have a strong distribution territory at $0.40, whose breach can potentially lead to a strong bullish trend. Investors may consider buying XRP, especially when the price dips.
The views and opinions expressed here do not reflect that of CryptoGlobe.com and do not constitute financial advice. Always do your own research.
