XRP SHORT
Updated
I think Ripple will continue a low and painful death as investors are realizing the usefulness of the token.
1. Highly centralized ownership of tokens
2. XRP is highly dependent on partnerships (However they have shown develop relationships with large companies)
3. Strong argument, that the banks will most likely build their own system instead of depending on a centralized third party
4. Heavy competition - Eventually other settlement coins/tokens will allow for quick and easy settlements between institutions/parties with low risk.
5. Its nearly all marketing and business development towards large payment service providers/bank - Key Strength
*These are my "bias" opinions
Currently it is sitting on really strong support whilst following a down trend.
Two entry options:
1. Possibly wait for confirmation of a breakdown.
2. Short the asset on the retest of the downward trend line
Exit strategies:
1. Take profits along the way down on support
Risk management:
1. Position size limit of 10% of bitmex trading account.
2. Leverage level adjusted for a liquidation price of previous resistance. @ Around 0.00010900
Reward:
Approx 1.7 @ first take profit level
1. Highly centralized ownership of tokens
2. XRP is highly dependent on partnerships (However they have shown develop relationships with large companies)
3. Strong argument, that the banks will most likely build their own system instead of depending on a centralized third party
4. Heavy competition - Eventually other settlement coins/tokens will allow for quick and easy settlements between institutions/parties with low risk.
5. Its nearly all marketing and business development towards large payment service providers/bank - Key Strength
*These are my "bias" opinions
Currently it is sitting on really strong support whilst following a down trend.
Two entry options:
1. Possibly wait for confirmation of a breakdown.
2. Short the asset on the retest of the downward trend line
Exit strategies:
1. Take profits along the way down on support
Risk management:
1. Position size limit of 10% of bitmex trading account.
2. Leverage level adjusted for a liquidation price of previous resistance. @ Around 0.00010900
Reward:
Approx 1.7 @ first take profit level
Note
Lesson: Do not attempt to predict price direction. Instead react to price movement. Even based on fundamental beliefs.
Price does not equal Value.
Break out upward.
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Long Position/new trade has been taken.
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