By far the hottest topic in the crypto community at the end of 2017 and beginning of 2018 is the surge in the price of Ripple. Ripple price has blown up from under $0.02 to over $3 in under a year and has increased by 1,400% over the last month alone.
The first logical question that must be on the back of your mind is what is Ripple and why you should be interested to buy Ripple.
Ripple value has skyrocketed and it’s on everybody’s mind. At one point Ripple has surpassed Ethereum to become the second cryptocurrency in terms of market capital.
What is Ripple coin?
Ripple is a cryptocurrency based on a private blockchain that’s permission-based and centralized. It has drawn a lot of criticism from the blockchain evangelists because it’s opposite to the Bitcoin blockchain which is public and decentralized.
In a nutshell, Ripple technology is trying to securely and instantly provide an almost free global financial transaction channel.
So, why is Ripple such a great cryptocurrency?
Ripple is trying to solve an age-old banking problem. If you think about it in the system we use today we do a lot of international currency transfers which takes a very long time for these transfers to take place. So, Ripple is trying to update that system and make it faster and more secure.
We believe that Ripple cryptocurrency has a very useful place in the market as it’s servicing a huge need.
Even though Ripple coin is different than Bitcoin , one of the Ripple’s advantages is that it has fast confirmation so, near real-time and instant confirmation of transactions. Plus, Ripple cryptocurrency is extremely cheap.
Day trading XRP Ripple with Naked Charts
Day trading XRP Ripple we need to deploy different trade tactics because Ripple price action has its own personality.
Our TSG team has discovered through careful examination and backtesting that Ripple has the tendency to bottom on up days during a specific time of the day. Moving forward you’ll learn what the best time to day trade XRP Ripple is.
Step #1 - The 15-minute chart will give us a better view of the overall price action and on the Ripple intraday trend.
Step #2 If we’re on an Up-Day, Mark on your Chart the Time Window between 9 – 10 GMT Time
As we mentioned earlier we have found out through backtesting that the best time to buy Ripple is between 9 – 10 GMT . However, that’s only half of the equation because our statistics also show that the best time to buy Ripple is in the up days.
What do we mean by this?
We want to buy Ripple if between the time window from 9 AM to 10 AM GMT , Ripple is trading above the opening price.
If we buy Ripple above the opening price it means that we’re buying in the direction of the prevailing trend. Essentially, this is a trend following strategy deployed on intraday trends.
Step #3 Buy anywhere between the 9 – 10 GMT Time Window
This time window also coincides with the London open and it’s the time when many cryptocurrency traders step into the market.
Now, depending on your trading skills and your experience you can fine tune your entry point within this time window.
Step #4 When day trading XRP Ripple hide your SL below the Opening Price
Any deep move below Ripple opening price will alter the sentiment.
A sell-off below the opening price indicates that the buyers are weak and maybe we’re better off trying to buy Ripple on another day.
Step #5 Take profit once the Price Travels the Same Price Distance it did from the opening price until 9 AM GMT
First, measure the price distance from the opening price to the high established between 9 to 10 AM GMT .
Second, project the same price distance to the upside measured from the low established between the 9 – 10 GMT window.