Price action for Ripple (XRPUSD) is captured in this analysis from February 29, 2018 till date with a descending triangle. This chart pattern is bearish (sell), albeit not 100% of the time.
Key price levels to take note of for Ripple (XRPUSD) are the following (approximated to 2 decimal places). - $0.77 - $0.46 and $0.35 - $0.60
The relative strength index (RSI) as shown here suggests that bearish momentum has run out. A less conservative entry into a long (buy) position involves buying as soon as Ripple (XRPUSD) closes above ~$0.60 in anticipation of a breakout above the sloping line of the descending triangle.
$0.77 is used in this analysis to indicate a potential price level to initiate a long position should Ripple (XRPUSD) break outside of the chart pattern. The vertical red arrow indicates the width of the pattern which can be used to estimate the point to take profit if the risk/reward is satisfactory.
On the other hand, $0.46 and $0.35 mark the major support level for Ripple (XRPUSD) and break below $0.35 could see the price of Ripple (XRPUSD) go down a lot further with $0 even been a possibility.
You can call me a dumbass but if XRP keeps falling and goes close to zero I'll be ecstatic. I'll be using every (spare) dollar I have to hoard it. Is this strategy a sure thing? Hell no. Could I lose all my money? Yes. Here's the thing though...I haven't invested what I can't afford or (am not willing) to lose. Long-term I believe in this company and what they are trying to do. I'm not trying to make a quick buck. I truly believe that they will be successful with their current use case (and innovating new use cases) for the XRP token in the coming years. I'm patient and I can wait. I'm just praying the price stays below .50 for several more months. A year would be great. Above .50 and I'll probably stop buying.
Coin_Analyst
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@Polyphemus, first of all, I will never call you a dumbass. Whatever your strategy is would be the best to stick with because everyone one's psychological make up is different in terms of how to deal with risk and reward in the market. That is why some people are scalpers, some swing traders, others day traders, position traders, investors and so on. Personally, what I do and also for my clients so to let the market dictate where it wants to go, evaluate it and if the risk to reward is satisfactory, then a trade is placed without question. Above all, your comment is greatly appreciated. Cheers