XRPUSD Long-term Trend – Bearish
Distribution territories: $0.90, $1, $1.10.
Accumulation territories: $0.30, $0.20, $0.10.
XRP slowly kept losing value against the US dollar during this week’s trading sessions. Most of its movements basically sent it towards lower lows, before the bearish trend significantly dropped its price on October 11.
The crypto was then pushed southwards, dropped below its pivotal price of $0.40 and below last week’s $0.35 support. It briefly dropped below $0.30 but quickly recovered and moved towards the $0.40 mark.
On October 12, the cryptocurrency managed to push past said territory. Its 14-day SMA is currently above its 50-day SMA. The Stochastic Oscillators have moved past range 40 and are pointing north. This implies the bulls may gradually come back into the market.
The accumulation territory of $0.30 or a bit below is a critical price point the bears need to keep a close eye on. Traders are advised to always look out for a strong bearish reversal to extend long positions.
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