XRPUSD Long-term Trend – Bearish
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• Distribution territories: $0.50, $0.55, $60
• Accumulation territories: $0.20, $0.15, $0.10
XRP has been on a bearish trend, as the crypto started its downward movements last week to hit the $0.35 mark. The crypto’s market price has since kept on declining, hitting a low of $0.30, below its 14-day SMA’s trend line.
XRP has now been consolidating around the low it hit on October 11. The two SMA’s trend lines are currently at around $0.42 and $0.35, as the 50-day SMA is above the 14-day SMA. The Stochastic Oscillators are dipped into the oversold zone, and it seems that a consolidation movement is now taking place.
There is a potential for the current $0.30 mark to be broken southwards with a new low of $0.20 being a possibility. A reversal against the $0.30 may allow the crypto to see a sudden rise in its price meaning it may b a good time to invest.
The views and opinions expressed here do not reflect that of CryptoGlobe.com and do not constitute financial advice. Always do your own research.
SOURCE: https://www.cryptoglobe.com/markets/price-analysis
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