Technical Analysis of Ripple

The cryptocurrency market has got around 30% of market capitalization in the last several weeks and for now, there is no important reason to change this positive trend. In less than twenty days, the price of Ripple has advanced from $0.30 to $0.48 and the current price stands around $0.44. 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. It is important to say that all accounts and transactions have strong security and they are algorithmically verified. 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. The price of Ripple is still very low and according to technical analysis, the downtrend is not over yet. When we look at the 1-year chart we can see that Ripple is moving in “downtrend” and as long Ripple is below $1 this cryptocurrency is in the “SELL” zone. Short term support and resistance levels are $0.4 and $0.5 – If the Ripple jumps above $0.5 that would be a “BUY” signal and the open way to $0.6. 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 $0.4 that will be a strong signal “SELL” signal and the next target could be around $0.35.

Advice: Ripple (XRP) is one of the most popular cryptocurrencies in the market and according to some analysts, XRP can rise to $5 in 2019. This is a still very optimistic scenario but in my opinion, XRP has a very good risk/reward ratio in the market right now which means you stand to gain a lot more for taking a comparatively smaller risk. May has been a very positive month for the cryptocurrency market so far, the price of Bitcoin is above $8 600 and this is certainly a positive thing for all other cryptos. There is a positive correlation between the price movements of Bitcoin and other cryptocurrencies and as long the price of Bitcoin is above $ 7 000 the current positive trend remains intact. As for the technical picture, if the price of XRP advances above $0.50, short-term traders can enter the position with the stop loss at $0.44 and take profit at $0.6 or even $0.7.

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