XRPUSD Long-term Trend – Ranging
Distribution territories: $1.00, $1.10, $1.20.
Accumulation territories: $0.30, $0.20, $0.10.
XRP is still range-bound, the cryptocurrency’s price movements have been having lower lows and lower highs. Additionally, it has been noticed that the range-bound confinement the distribution accumulation territories of $1.00 and $0.50 were in has been breached southward by the current slow price action.
Ripple Chart by TradingView
Additionally, it has been noticed that the range-bound confinement the distribution accumulation territories of $1.00 and $0.50 were it has been breached southward by the current slow price action.
The market is now slowly ranging northwards below the 14-day SMA’s trend-line. The 50-day SMA is still above the 14-day SMA. The Stochastic Oscillators have moved into the oversold region and are now lightly pointing northward below range 20.
This suggests the slowly moving bearish trend may soon come to an end. The ranging movement may continue for a while below the 14-day SMA trendline, however. Within the next few days the 14-day SMA trend-line may be broken northwards. A safe long entry can be executed while that assumption eventually proves out.
The views and opinions expressed here do not reflect that of CryptoGlobe.com and do not constitute financial advice. Always do your own research.
