TrendsMyFriend
Long

XRP: Rebound is Imminent and its only a matter of time!

BITSTAMP:XRPUSD   Ripple / U.S. Dollar
As most of you would know, the Crypto Market has recently undergone a major correction since the initial boom back in early/mid December. KRAKEN:XRPUSD             was no exception to this correction as it fell from $3.30 to the current price of ~$1.30 around a -60% swing. Now that the correction is currently establishing a solid floor, whats next?

LONG: Currently XRP has been moving along with the Crypto Market, whichever way the wind blows in the Crypto space, XRP heads that direction. Therefore I plan to wait for a breakout of the 1.73 resistant levels to confirm a bullish demand and then buy in on the retracement afterwards, while keeping in mind of the overall crypto market as a whole. The RSI has also touched the floor of the previous downtrends as you can see the line on the RSI Chart, so the risk/reward looks attractive if you believe the overall Crypto market cap is going to increase over the year of 2018, of course with major corrections like the one we just faced. These major corrections are no strangers in the Crypto game and has been around since the beginning, mainly due to weak hands (22% of btc             investors used borrow $) and blind money and government regulation updates. The crypto market is a classic case of "Be fearful when others are greedy, be greedy when others are fearful".

If the KRAKEN:XRPUSD             market decides to go the other direction and breaks the $1.15 support then I would wait for further information before entering.

**These are just my ideas and personal opinions, your investment decisions are in your power"


Entry: ~$1.6-$1.7 post breakout
Targets:
#1. ~$1.90
#2. ~$2.19
#3. ~$2.70

The Crypto market had made a lot of winners and a lot of losers, so I wish the best of luck out there to all my fellow traders! #moregreenlessred

Please like, follow, comment and share!

Sincerely,
-T M F-


I agree with your assessment....take a look at the Moving averages too. My read is this may close below the 50 day tonight.
Reply
TrendsMyFriend PRO ramonbenavides12
@ramonbenavides12, I just took a look at it, its just a matter of time for this one
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