TradingFellow
Long

XRP - A very favorable swing trade or investment entry.

BITSTAMP:XRPUSD   XRP / U.S. Dollar
The price of XRP BITSTAMP:XRPUSD has likely fallen substantially in the past three days due to the major correction the cryptocurrency market has experienced throughout this week. The correction was caused by the rapid growth rate of the cryptocurrency market and leading cryptocurrencies such as Bitcoin , Ethereum and Ripple, that have demonstrated a substantial increase in value in the past month.

But after every correction, there's money to be made. This opportunity lies in front of us and can be very favorable for some of us. It seems that the market is done selling and will look to form higher swing highs.

Price is moving between the longer term support and resistance lines. And at the moment, the price is nearing the middle support line.

The descending trend line we broke at the beginning of October, has to hold the price. The ascending trend line has to support as well.
Furthermore, price has fallen in the 0.618 - 0.786 Fibonacci zone.

We expect to see the price hold around this zone and turn back to the 25 cent area.

Happy trading!
Correction was due to Stellar/IBM partnership launching global payments in SE Asia, they released the news on day 1 of the conference even though it was done days earlier. it was an attempt to stick it to Ripple the way the CEO Brad G. stuck it to SWIFT by putting his conference on the same days, same city. It's pretty unscrupulous and would be investigated by the SEC if this was a regulated exchange. But it's a non-item as the IBM partrnerhsip is only testing payments in SE Asia, small banks like in Fiji, they won't even have the data to pitch larger partnerships till Q1 2018 while Ripple already is pitching Bank of America among others. The other news that exacerbated the sell-off was the shut down of a Ripple exchange and conviction of the owner/head Japanese trader. News seems to have blown up in Asian media where the majority of XRP trades. So we are heavily oversold on 2 non-items.
+3 Reply
TradingFellow Krisworldwide
@Krisworldwide thank you for the contribution on the fundamental part. Good additional information beside the technical part we provide.
+1 Reply
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