This post is a continuation of my previous XRP post from back in June. My trading strategy always looks for the downside to rear it's horrific head. And, it's done just that. But, if you prepared for this dip then you're reaping the rewards. I targeted possible drops to watch at .35¢ and .20¢. We are right in the sweet spot at present.
Check out the graph with the resistance and support levels I laid out. I want you to think what that's showing you. We had a long consolidation period below the red of .30¢ just before the massive pump. We've now had 8 months of foundational building above the green . There's a ton of that's been buying for the last eight months. You can see the declining in form, near linear, the whole time period. Even with rocketing the last few days I'm seeing more buy pressure at these price levels. It doesn't take a lot of sellers to move the market when everyone above is holding. You need to remember XRP currently is tied to BTC pretty heavily, but that's starting to change fairly rapidly.
Okay, here's the crazy part of this post. I've been saying that this market looks eerily similar to the bear market of 2014. That down market lasted for 1 year and 9 months. My point? I'm still thinking we're going lower. Maybe even substantially lower. We are only 7 months in on this bear move. Earlier in the year I was thinking BTC would brush the high $5k zone, which we have done a couple of times now. Where is BTC going? I think we could be in for a big surprise. At $200B market-cap, it wouldn't take but a couple of big hitters to take us down a few more notches.
But like in motorsports, more compression, more horsepower.
Right now I'm looking to stage purchases with every .05¢ downward movement XRP makes. Next buy limit is at .25¢. Lay and wait. If it hits that place another at .20¢ and so on. At these levels I would not wait for levels to form, because the price will pump too hard to the upside and you'll miss alot of this current buying opportunity. Only invest what you can afford. Watch Alex Cobb, he invest very small amounts, $100 or so every week. But it adds up, especially now. Even if it's $20 a month.
Even though I stated the last bear market ran just under two years, I really don't see this one going that distance. I think that with everything that is developing for the crypto market as a whole from September through the end of Q4, that this bear market will be less than half of 2014. And 2019 going into 2020? Sky's the limit!
Remember, a 25,000 position of XRP at $10 is $250,000! Whats a 25,000 position cost tonight? A mere $7,250. Or if you're building on your present position, it may be considerably less. Don't look for XRP to go to $1,000. $10 is a very solid price point over the next year. Will it go to $1,000? I honestly think it will within the next five years.
Again, I try to present my posts to help you realize the importance of having a strategy. To give you confidence, especially in a down market.
The upside to all this? The 2015 bull market, of course! 2 years, 4months. One of the biggest bull runs in history.
My opinion on that? I think we will dwarf that in the future.
A couple closing thoughts;
* Try to buy at least one BTC .
* I will post buy and sell points as the market moves to help you add more to your XRP position.
For a little related inspiration, search Beth Hart's, "I Am The One," on Youtube. Think XRP while you watch it. X33VIDS has a pretty cool version, but it's a little spicy .
So yes, XRP, "Is the ONE!"
**NOTE: This post my personal trading strategy and research. It is not financial advice. Please read my bio.
-- Get $ome!