Ripple (XRP) Price Analysis (May 8)


Key Highlights

• XRP/USD market still prolongs trading in a range-bound territory.
• A breakaway, from a range trading mark at $0.22, will set in a new price trend for XRP/USD market.
• A downward move, will in near time, signal a good buying condition of the XRP/USD trade.

Ripple (XRP) Price Analysis

• Major distribution territories: $0.24, $0.26, $0.28
• Major accumulation territories: $0.20, $0.18, $0.16

XRP market values are yet tightly traded in a range around the same $0.22 price territory it has maintained over time. The range trading line has been the point demarcating smaller ups and the smaller downs of XRP/USD market operations.

Buyers in the market have continually found a base-line half a point between the range trading line and an accumulation territory at $0.20 mark and, allowing sellers to regain the control mid-point of the range mark and a high point of $0.24.

Ripple Technical Indicators Reading

The 50-day SMA trading indicator is a bit over the Middle Bollinger Band trend-line at around a range trading point of the XRP/USD market. All the remaining Bollinger Bands also move flat, pointing towards the east direction around them. All the technical trading indicators signify the ongoing sideways market trend of the crypto-trade. The Stochastic Oscillators are between ranges of 40 and 60. And, they have briefly closed the hairs at range 60. That suggests that bears are bracing up forces in the market.

Conclusion

Difficult trading conditions will continue to feature in XRP/USD trade as long as there is a room for each of the two major market-movers to reverse price moves around a horizontal line at $0.22 value. That said, a breakout of either of the two sides of the range line will suffice to look in a new price direction.

 

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.

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