Technical Analysis of Ripple

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 in my opinion but it is important to say that 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. Ripple is consistently adding new clients, many financial institutions are also using the Ripple protocol in order to transfer money from one part of the globe to another. Some important names include UniCredit, UBS & Santander, Global Payments Steering Group. If any of the large banks implement the Ripple protocol, this cryptocurrency can easily rise above $2 – $3. It all depends on the partnerships which it is forging with various companies all over the world. The price of Ripple currently stands around $0.33 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 $0.3 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 a mission to become the go-to blockchain for big banks and financial institutions. Ripple can be a very good investment option according to estimates and some predictions say that this cryptocurrency could be above $5 in the next several years. Yes, it is true that the price could fall even more but the current price of XRP stands around $0.33 and this is very close to strong support which stands at $0.30. 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. 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.

 

About Stanko 84 Articles
I am a professional forex, cryptocurrency and stock trader looking for more opportunities to penetrate the field. Writing, research, analysis, are all things I enjoy doing aside from the core trading practice as they provide a deeper perspective of market activity. I am well versed in technical analysis as well as sentiment behavior. I have 10 years experience in stock and currency markets ( analysis and trading), I am also an experienced cryptocurrency analyst. I have been writing business, finance, stock articles for over five years. My biggest strength is in technical analysis

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