Key Highlights
- XRP/USD trade now witnesses a series of range price movements since yesterday’s trading sessions.
- The crypto may not push northward above $0.30 also in the near time.
- A fierce rejection at a $0.28 mark may result in a long downward price-driven in the subsequent trading day’s sessions.
Major distribution territories: $0.32, $0.34, $0.36
Major accumulation territories: $0.24, $0.22, $0.20
Ripple (XRP) Price Analysis
XRP/USD market has been dominated by a series of range price movements around since yesterday’s trading sessions until the present. The crypto has been struggling in its recovery moving bid around $0.28 price territory.
Almost alike, the US dollar hasn’t yet pushed southward beyond the $0.26 market line since the last notable dump on February 19. Every indication shows that the US dollar will not be weak soon. And the crypto may not push northward above $0.30 also in the near time.
Ripple Technical Indicators Reading
The 50-day SMA trend-line is around $0.30 mark above the smaller trading indicator, which is around $0.28 price territory. The two SMAs yet slightly point toward the south direction to indicate that the XRP/USD market downward moves haven’t completely exhausted.
The Stochastic Oscillators have crossed from the oversold region to now point north-east within ranges 40 and 20. That signifies that there may soon be featuring differential choppy price movements afterward.
Conclusion
The XRP/USD market point at $0.28 is now another determinant price line that the bears may have to exert force to trade towards a lower value around the major accumulation territory at a $0.24 mark. If that scenario plays out accordingly, there will be more rooms to witness a long downward price-driven in the subsequent trading day’s sessions. In addition, the XRP’s price may once again rally toward a key retarding market point $0.30 mark. And at that point, the XRP/USD bulls may be as well find it difficult to surge northward with ease.
Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (bitcoinexchangeguide.com) holds any responsibility for your financial loss.
