Chart
The chart represents the XRP evolution during the last two months. Ripple currently finds itself hovering around their minimum levels post bull run, 0.20-0.22. As we can see in the chart, it has followed a bearish trend since the end of June, when the third most capitalized coin reached $0.5.
XRP is near its lowest price after the bull run, which seems to be very solid ground to avoid further falls. Unless the current retracement, that most of the crypto market is undertaking continues for some time, Ripple has a huge potential since it might have found its minimum.
Designing your automated strategy
Due to Ripple is still trapped in a bearish channel, scalping can be the best option to trade in the current market. Quick in and outs during the positive pull-backs. For this, we have combined two indicators to give more solid buy (also sell) points: the RSI and Bollinger bands.
This automated strategy compound by two indicators will open positions once both indicators have given a buy signal. As we can see in the chart, the Bollinger band needs to break its lower band and the RSI needs to be oversold for the strategy to open a position. Whenever this happens, the price has decreased very quickly in a small interval of time and therefore it is very likely that the price will perform a pull-back. These pull-backs usually give very good entry points during downtrends.
In order to profit from these pullbacks, a good sell strategy that will close the position before the price starts falling again is crucial. You can easily automate a trailing stop-loss and take profit for this purpose.
The chart represents the XRP evolution during the last two months. Ripple currently finds itself hovering around their minimum levels post bull run, 0.20-0.22. As we can see in the chart, it has followed a bearish trend since the end of June, when the third most capitalized coin reached $0.5.
XRP is near its lowest price after the bull run, which seems to be very solid ground to avoid further falls. Unless the current retracement, that most of the crypto market is undertaking continues for some time, Ripple has a huge potential since it might have found its minimum.
Designing your automated strategy
Due to Ripple is still trapped in a bearish channel, scalping can be the best option to trade in the current market. Quick in and outs during the positive pull-backs. For this, we have combined two indicators to give more solid buy (also sell) points: the RSI and Bollinger bands.
This automated strategy compound by two indicators will open positions once both indicators have given a buy signal. As we can see in the chart, the Bollinger band needs to break its lower band and the RSI needs to be oversold for the strategy to open a position. Whenever this happens, the price has decreased very quickly in a small interval of time and therefore it is very likely that the price will perform a pull-back. These pull-backs usually give very good entry points during downtrends.
In order to profit from these pullbacks, a good sell strategy that will close the position before the price starts falling again is crucial. You can easily automate a trailing stop-loss and take profit for this purpose.