CarlsonCryptoTrading
Long

XRPUSD Price and Volume are too good to ignore

BITSTAMP:XRPUSD   XRP / U.S. Dollar
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14
I'm not normally a fan of XRPUSD as it does fit into a different category of cryptography in the decentralisation revolution that is happening but...the price of XRP is so low and the technology is working.

As shown on the charts I will be looking at DCAing in the shown triangles as I see a pennant forming. Once we break to the upside of the pennant I will be keeping my eye on the $0.5 level and looking to put a leveraged trade when we smash through this level which has been a historical point of resistance and support.

Also, looking at the volume in the last few months it has been going through the roof so there are a lot of people speculating with bears matching bulls at this level...all we need is a bit of news to sway it one way or another.

I won't go through the risks of XRP as you can google them easily but I will list them off that you need to be aware of that could tank the project.
  • Countries releasing their own CBDC that is just as cheap and fast as XRP
  • The concentration of pre-mined coins held by Ripple and they can control supply to a degree for now
  • Why a co-founder Jeb McCaleb really sold 54 million XRP?
  • SEC issues deeming XRP potentially a security and class-action lawsuit(s)

MY XRP PLAN NOW:
DCA with 10% of introduced funds into XRP at the levels stated on chart
HODL

XRP PLAN @ $0.50:
Might look at a leverage trade when above $0.50 but will focus on mainly BTC and ETH for this and will only do it have spare trading amount to trade.
From previous bull-run XRP was late to the party so there is a chance this may happen again. We will have to wait and see.

Maintain or gain

Comments

The volume on Bitstamp is utility-driven by now, as payment providers like Moneygram utilize Ripple's ODL-product for cross-border remittence. Volume has business-day character, that's why weekend days have lower volume. This is something no trader or investor has ever expirienced ever in an asset, so we will see how and if it affects price long term. It's the first mainstream institutionally adopted crypto, that's why I hold it. Bitcoin-rigged market doesn't care yet, though.

Here the ODL-corridor on MXN-side:
+1 Reply
CarlsonCryptoTrading NoobOfTheMonth
@NoobOfTheMonth, thanks for the insight
Reply
Seems logical,
here is my overall POV
+1 Reply
@VincePrince, I agree that this will happen and it will eventually break this channel. My guess, is on the upside.
Reply
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