XRPUSD Long-term Trend – Bearish
Distribution territories: $0.80, $0.90, $1.
Accumulation territories: $0.35, $0.25, $0.15.
XRP’s outlook has been steadily entering a range-bound territory since July 21. The bulls have been struggling to push the cryptocurrency’s price higher, to the value it had in July 16. Meanwhile ,it recorded various different highs and lows.
The cryptocurrency’s price has been hovering around the 14-day SMA trend-line. The 50-day SMA is located above the 14-day SMA, but the 14-day SMA is slightly bent northward. The Stochastic Oscillators are below the range 40, and are seemingly trying to determine the market’s next direction.
At this point, caution is advised. The accumulation territory of $0.40 has remained a strong line to be breached by the bears’ faint movements. A good and safe beginning of a bullish market may not come soon, as the 50-day SMA is yet to be intersected by the 14-day SMA.
Investors may now come in with a small portion of their portfolio, and hold on to it.
The views and opinions expressed here do not reflect that of CryptoGlobe.com and do not constitute financial advice. Always do your own research.
