UPDATE : Mandatory Two Factor Authentication on all Osprey FX Accounts - Read more

05 Nov 2019
1 Minute min read

XRP Aims To Break The Range-bound

Written by OspreyFX News Team

XRP/USD Price Talking Points:

  • The pair remains steady but wraps up some gains.
  • The 200 SMA is still acting as dynamic support and opens the window for another rally.

XRP Aims to break the range-bound as November begins

No significant movements occurred in the price action of the crypto at the start of November, and Ripple is proof of that. XRP finished in the red territory, with losses of more than 1.60%. However, it still maintains its range-bound across the board and inside a pattern seen in the H4 chart. Currently, it’s trading below the $0.3000 handle, allowing the cryptocurrency to cap some gains.

Subscribe to our newsletter to receive our weekly updates + more straight to your inbox!

 

  • This field is for validation purposes and should be left unchanged.

XRP’s Technical Perspective

This type of “range-box” could provide a solution in the second week of November. This price contraction signals that a considerable move may arise in the coming days. It should be noted that XRP/USD is following a bullish trend line drawn since the lows of September, which also acted as strong support, with the 200 SMA, around the $0.2661 level.

Consequently, it helped to boost the bullish force that is slightly governing the direction of the current trend. A bearish trend line drawn from the highs of September is currently blocking the price. Where XRP already initiated a cycle that ended in the same month.

Beyond such an area, the next tough nut to crack lies at $0.3172, where a breakout should open the doors to visit the top, ahead of the $0.3400 neighbourhood.

Bears are waiting for a trigger

Speaking from the bearish side, the 200 SMA is still acting as dynamic support so far, signalling the possible scenario for the cryptocurrency to gather momentum and rally once again. However, if it gives up in favour of the bears’ force, then it’s expected to make another leg lower to reach the $0.2661 zone.

Once it breaks below such a region, all eyes will be on the $0.2400 handle. The RSI indicator is trying to enter the neutral territory, calling for further consolidation in the short term. Still, the Momentum oscillator is pointing downwards, warning a loss of steam in the bullish impulse.