- XRP’s market value made a notable spike towards averaging the $0.21 distribution territory.
- XRP/USD bulls may not easily break through a price point at $0.21 in the near time.
- Traders need to exercise some degree of precautionary measures when placing an order.
Ripple (XRP) Price Analysis
• Major distribution territories: $0.21, $0.22, $0.23
• Major accumulation territories: $0.17, $0.16, $0.15
During yesterday’s trading sessions, XRP’s market value made a notable spike towards averaging the $0.21 distribution territory. Shortly, the crypto reverted back into trading between $0.20 and $0.19 price territories.
The current price correction moves are not likely to be taken advantage of by the US dollar’s worth in the near time. The bears may as well increase in making efforts so as to not let the bulls’ forces sustain stance above the major distribution territory.
Ripple Technical Indicators Reading
The Middle Bollinger Band has touched the 50-day SMA trading indicator from below. The Upper Bollinger Band has a bit opened up to point towards the north direction. The Lower Bollinger Band is at a $0.18 line. All those indicators showcase that XRP/USD market is in an uprising mote. The Stochastic Oscillators have slightly bent down towards range 40. They appear to begin a consolidation move around it. That suggests that most openings of trading positions be put to rest for a while.
All indications have it that XRP’s market valuation has relatively embarked on an increase moving note as traded with the worth of the US dollar However, there is a need to exercise some degree of precautionary measures when placing an order, especially when a trader decides to long while the price is correcting higher from a high point. In other words, a decent entry point needs to watch out for before making a decision.
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.