XRPUSD Long-term Trend – Ranging
Distribution territories: $0.80, $0.90, $1
Accumulation territories: $0.30, $0.20, $0.10.
This week, during the first trading sessions, XRP showed short bearish movements along the 50-day SMAs trend line, around the $0.40 territory. On October 15, the crypto managed to regain its strength to push back towards the 14-day SMAs trendline.
Its price has been hovering around the 14-day SMA as the $0.50 and $0.40 territories are currently defining its range. The 14-day SMA is located above the 50-day SMA. The Stochastic Oscillators have moved up and are currently pointing north below range 80.
This suggest the bulls have gradually been resurfacing in the cryptocurrency’s orderbooks, yet the $0.40 support mark is critical and if it’s breached it could mean a short bearish trend will ensue. A break above the range’s upper levels could see the cryptocurrency go through a new range of upward price swings. Traders should look out for a bearish reversal to enter long positions.
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