Ripple (XRP) Price Analysis (May 12)
• XRP/USD now features series of lower swing lows than lower swing highs below a $0.20 mark.
• $0.18 remains a critical price line of XRP/USD bearish trend.
• Bears will stop around $0.16 if more selling forces occur beyond a $0.18 price line.
Ripple (XRP) Price Analysis
• Major distribution territories: $0.22, $0.24, $0.26
• Major accumulation territories: $0.18, $0.16, $0.14
XRP/USD trade now moves in a range featuring series of lower swing lows than lower swing highs below a price line of $0.20. Despite an initial push past $0.18 mark on May 10, an accumulation territory yet found at the trading line. Price now fluctuates around the $0.20 point.
The bulls are facing a point around the $0.20 and, a relaxation of energy at that area; will result in letting down the market values to revisit a low point around $0.16 accumulation area afterward. All that said, the bears may keep the XRP/USD market in a prolonged-range moving mote, especially while volatile price moves are not in play.
Ripple Technical Indicators Reading
The Middle Bollinger Band trend-line is underneath the 50-day SMA trading indicator and, they both point towards the south-east direction over the market trading line. There is a formation of a line of small candlesticks denoting an ongoing choppy price moves in XRP/USD trade. The Lower Bollinger Band trend-line is now attempting to straight-up flat at a $0.18 mark. That showcases it as a key line that sellers will contend within their path-moving to the south at a later trading period. The Stochastic Oscillators have continued to consolidate closer to range 40 from the top.
There potentially seems that XRP/USD market operations will witness a prolonged-range trading moves around a $0.20 mark for a while. On the downside, the bears will have to push below the $0.18 current accumulation area to find a sit around the next value of $0.16. Meanwhile, if that assumption plays out, there’ll be a formation of reversal price moves in no time.
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