hashfail

Ripple Short-Term Scalp Poss

BITFINEX:XRPUSD   XRP / U.S. Dollar
Ripple $XRP is one of my favorite short-term picks because of the price range that it's at currently. 


Ripple hasn't hit this price specifically since December 14th, 2017, so we're at our all-time low for 2017.


Last candle on the 1D chart significantly smaller in nature. 

The orange line on my chart is the EMA-26 and the Neon-Yellow line = EMA-12. 

As you can see the EMA indicators here are above the price right now, so they will serve as resistance indicators.

MACD still shows an upward trend on the 1D as well. Positive
sign. 


Bollinger's Bands is showing us that the price is at the bottom of the bottoms, so the greatest extreme for the price at this moment in time. 

We've dipped into the oversold zone for the RSI on the daily too. 

Let's check out the volume now: 

There are two things of note in the chart here. 

1. The downtrend resistance from May 4th/5th to the current date is still in effect. However, there is significant distance between the price's current point and that downtrend resistance.


2. With a potential gain of 7%+


The upside definitely looks vastly stronger than the downside at this point on an $XRP trade imo .

Market is hanging in limbo at the moment as well. I'm not expecting any more dramatic thrusts of Bitcoin . I would set a solid S/L at 41 cents given the low volatility of $XRP at this present moment. That's a solid risk reward ratio and I think given where the indicators are.

We'll see where things end up!
Comment: +17% on the trade.

I'm probably not going to specifically monitor this one any further. Take profits accordingly and enjoy everyone! (Not Financial Advice)

Comments

Financial Institutions just want to buy in a rock bottom prices ! They are sending it down to simply back up the truck and capitalise . . Certainly no rocket science !
Reply
Good call, and then the question becomes where does it go once it hits that downward resistance trend line after the small bounce? My guess is it continues down a bit further before any significant upside climb. Thoughts?
+2 Reply
kristommy2 StocksToStreet
@StocksToStreet, Thats my sentiment also. - Perhaps 30c or 20c give or take.
Reply
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