Technical Analysis of Ripple

The cryptocurrency market has shed around 10% of market capitalization in the last several days and for now, there is no important reason to change this negative trend. The price of Ripple is also pressured by this situation and the price of this cryptocurrency has weakened from $0.40 below $0.33 in less than five days. It is also important to say that the Bitcoin is again below $4 000 and this is certainly not a good sign for the cryptocurrency market. Ripple is an open source digital payment network which is also used by banks, the network is extremely fast and payments in XRP take around 4 seconds. My opinion is that XRP could be a very good investment opportunity and putting a reasonable amount of money into XRP could potentially turn out to be an excellent investment. When we look at the 1-year chart we can see that Ripple is moving in “downtrend”. As long Ripple is below $1 this cryptocurrency is in the “SELL” zone. Short term support and resistance levels are $0.3 and $0.4 – If the Ripple jumps above $0.6 that would be a “BUY” signal and the open way to $0.8. If the Ripple jumps above  $1 that could be a strong signal of the trend reversal and the open way to $1.5. On the other side, if the XRP falls below $0.3 that will be a strong signal “SELL” signal and the next target could be around $0.25.

Advice: Ripple has been increasingly adopted by banks and payment networks and this cryptocurrency can be a very good investment option according to estimates. The price of Ripple has been in the “bearish” phase since January 2018 but we can not say that the lowest price in August 2018 is the end of this phase. As for the technical picture, the XRP remains in bearish phase but if the price advances above $1, short-term traders can enter the position with the stop loss at $0.9 and take profit at $1.3 or even $1.5.