XRP Long-term Price Analysis - – February 2
- The bullish candlestick formed on January 30 can turn out to be a trap if the cryptocurrency’s range is breached southwards.
- While the scenario plays out, traders will be building up around the $0.25 mark, at which point investors can enter the market.
XRPUSD Long-term Trend – Ranging
XRP’s price this week has been ranging around the $0.30 mark. Between January 27 and 29, the cryptocurrency’s price moved down to trade close to last year’s low, seen on December 15.
XRP Chart by TradingViewOn January 30, the cryptocurrency moved up towards the 14-day SMA and at one point managed to surpass it to hit the 50-day SMA, which is found over the 14-day indicator, between the $0.35 and $0.30 marks.
The Stochastic Oscillators have slightly crossed between ranges 60 and 40 to point south. Th bullish candlestick formed on January 30 can turn out to be a trap if the cryptocurrency’s range is breached southwards. While the scenario plays out, traders will be building up around the $0.25 mark, at which point investors can enter the market.
The views and opinions expressed here do not reflect that of CryptoGlobe.com and do not constitute financial advice. Always do your own research.
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