Ripple is an open source platform that is designed to allow the user to transfer money from one currency to another in a matter of seconds. Its main aim is to provide an almost free global financial transaction channel in a secure and faster manner. The token used on Ripple is known as XRP and a minimum transaction cost of $0.00001. Even though Ripple has faced criticisms for being a complete opposite of Bitcoin, its transactions are faster and the XRP token relatively cheap. Ripple seems to be promising as it is one of the fastest growing cryptocurrencies.
You can buy Ripple either by using fiat money or other cryptocurrencies. The best places to buy Ripple using cryptocurrencies is at Binance, Bittrex or Poloniex which are ranked as top 3 exchanges in terms of volume. You first need to buy any amount of Bitcoin with US dollar then transfer the amount into Binance and buy some Ripple.
Discussed below is a step by step guide into the price action that you may find useful in day trading XRP Ripple. There are no indicators required here.
1.Divide your 5-minute chart by trading sessions
The 5-minute chart will give you a better view of the overall price action and the Ripple intraday trend.
2. If we are on an Up-day, mark on your chart the time window between 9 and 10 GMT Time
Through backtesting, it is estimated that the best time to buy Ripple is between 9 and 10 GMT while statistics show that it is in the Up days. If we buy Ripple above the opening price, it means we’re buying in the direction of the prevailing trend.
3. Buy anywhere between the 9-10 GMT Time window
This is the time when many cryptocurrency traders step into the market.
4. Hide your stop loss below the opening price
Hiding your protective stop loss deep below the opening price alters the bullish sentiment thus the need to place it below.
5. Take the profit once the price travels the same price distance it did from the opening price until 9 am GMT
The price distance from the opening price to the high established between 9 and 10 GMT is first measured and the same price projected to the upside measured from the low established between 9 and 10 GMT.
These strategies will allow you to take advantage and profit from day trading XRP.