Ripple traders hibernating between $0.30 and $0.37
|- Ripple price gets underpinned in ASIA PAC trading at $0.31.
- XRP price seeks direction as investors are sidelined.
- Expect sideways trading with the summer lull in full effect in-between the $0.30 - $0.37 tight range.
Ripple (XRP) price ranges between a narrow bandwidth as the woes in global markets are muting any potential upside moves. With all the bearish elements, one would think that XRP price could only go in one direction, which is down, but bulls are defending the range and are underpinning price action at $0.30 and above. As the summer is almost in its first quarter, expect to see this range going forward for the rest of July as it is clear that both bulls and bears are happy to defend these barriers for now, pointing to a hibernation period for both parties as some well-deserved rest and vacation is set to kick in.
XRP price perfect for a range trading approach
Ripple price has had a very choppy first part of the year, seeking calm waters going into the second half of 2022. With summer holidays looming, volume and volatility will start to die down, offering some good trading opportunities for those who like calm trading days and trade only at clear-cut signals. One of those signals can be found in XRP price action, which got underpinned this morning in the ASIA PAC session as price action dropped to $0.3066 before getting scooped up by bulls.
XRP price also sees that uptick materialising in the Relative Strength Index, which is showing a little nudge to the upside. This proves that bulls are present around $0.30-$0.31, a perfect area to enter for a long time. On the way up, the first big cap to run into is at $0.36, with the 55-day Simple Moving Average holding some bearish power and a nice 18% profit in the range trade. The next level to the upside would be $0.3710, a pivotal mark holding 22% gains.
XRP/USD Daily chart
It is a bit of a waiting game for the bears before price action pops back up towards the mentioned $0.36 or $0.37 resistance. Bears will use both handles for an average-in and start shorting, which should trigger a drop in price action towards $0.30, where bulls will be met. This way, the summer weeks can pass by, and both bears and bulls have a chance to book some averaged 20% gains both ways, keeping everybody happy before the September mayhem kicks in.
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