Ripple - Time to Shine
Updated
I'm bringing you guys something entirely new on Ripple, this cryptocurrency is one that has definitely become more and more appealing over the past couple of months.
The setup in front of you today is on the daily timeframe :) feel free to check out my previous post for Ripple (chart is shown below).
Price is still respecting the 0.618 and 0.786 retracement levels, use these to your advantage when entering a position.
Now onto the bigger picture, the curve presented on the chart can be seen across various financial markets and is simply a representation of an asset becoming less valuable over a long period of time.
As price is pushed towards the lowest possible value there are three potential outcomes:
1. Ripple will crash (highly unlikely).
2. It will continue to trade below the curve.
3. Experience a huge breakout to the upside (of course, this is what happened at the beginning of April).
Since the breakout price has closed at the highest level in the past 2 years, I'm expecting the next move up to align with the all-time high, exceeding the previous high.
This post was merely an introduction to the technical side of Ripple, but I hope you gained a lot of insight from this short piece of analysis.
Updates to follow! Don't forget to add me on social media :)
The setup in front of you today is on the daily timeframe :) feel free to check out my previous post for Ripple (chart is shown below).
Price is still respecting the 0.618 and 0.786 retracement levels, use these to your advantage when entering a position.
Now onto the bigger picture, the curve presented on the chart can be seen across various financial markets and is simply a representation of an asset becoming less valuable over a long period of time.
As price is pushed towards the lowest possible value there are three potential outcomes:
1. Ripple will crash (highly unlikely).
2. It will continue to trade below the curve.
3. Experience a huge breakout to the upside (of course, this is what happened at the beginning of April).
Since the breakout price has closed at the highest level in the past 2 years, I'm expecting the next move up to align with the all-time high, exceeding the previous high.
This post was merely an introduction to the technical side of Ripple, but I hope you gained a lot of insight from this short piece of analysis.
Updates to follow! Don't forget to add me on social media :)
Note
Price is approaching the curve, we'll see a drop between 7k and 8k.
📈 Master the Art and Science of Trading: sixfigurecapital.com
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