Price has plunged due to negative news around it and in past statistic, a good short term trade to buy is when prices fell by 50% of recent high or by 75% as reversal would often yield 100% gain.
Many would argue that XRP would follow its big brothers (bitcoin,eth,lite) sooner or later , thus we have many upside and we should buy it now and chart is showing reversal now xxx. I would then disagree as this is based on assumption and not the actual chart movement.
Looking at this, would I buy this?
Yes, I will keep it in my watchlist.
So when will I buy and how long I will hold?
Entry should only be when price has fell half of current level to 0.15-0.17 and one has to prepare to hold it for a few years.
Then what is price didn't go down to range ?
Then enter only when price has pulled back after breaking the downtrend. We have to ensure there is an established trend to support the move.
[of course, if a sharp v shape recovery then we will have quicker pull back and that we will have wait for market to show us]
Many would argue that XRP would follow its big brothers (bitcoin,eth,lite) sooner or later , thus we have many upside and we should buy it now and chart is showing reversal now xxx. I would then disagree as this is based on assumption and not the actual chart movement.
Looking at this, would I buy this?
Yes, I will keep it in my watchlist.
So when will I buy and how long I will hold?
Entry should only be when price has fell half of current level to 0.15-0.17 and one has to prepare to hold it for a few years.
Then what is price didn't go down to range ?
Then enter only when price has pulled back after breaking the downtrend. We have to ensure there is an established trend to support the move.
[of course, if a sharp v shape recovery then we will have quicker pull back and that we will have wait for market to show us]
Note
Now price has hit $0.17 faster than expected due to coinbase mentioned to discontinue trading XRP on its platform.Now would be a good time to explore an entry around $0.15-$0.17 and buy and hold with small amount that you can loss in case xrp got wiped out to $0
Note
After an hour, it has recovered closed to 50% with current price back at $0.25. Profit taking can starts here.Most of such reversal trade might hit 100% profit level which means to $0.34 as target price.
Do note often such trade will means it will continue to go under in the future as such will hold a sell view on xrp in mid term for now till trend has change.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.