XRPUSD - Correction Ahead Then To 1.45+!
I am quite bullish on the technology and the very nature of XRP's centralized platform. Given that most people in this space reject the idea of Ripple due to its centralized nature if they prove that this system can survive and thrive it will actually be beneficial to the blockchain community as a whole, centralized or otherwise.
Now the recent price run-up has been extreme and I've made the bullish call here on XRP. I am still very bullish on not only fundamental but technical standpoint. Let's see why...
The price chart should be analyzed in a shorter timeframe due to the volatility - see the Daily Chart and you'll get my point.
Now to the 30min chart: We're seeing an uptrend channel building up however my oscillator (*1) indicates that the upswing has run its course and we're poised for a correction before the uptrend continues. Don't get me wrong, I am not an advocate of shorting something in an uptrend, more a buy on the dip and taking some profits on overextended runs. That is precisely what my idea is about in this post.
If you have a long position in XRPUSD take some off the table, and prepare to buy back lower somewhere close to 1.25-1.30. But BE LONG not short. CUT YOUR LOSSES if the XRPUSD falls below 1.25 give or take.
Thanks guys, hope this is helpful and good luck trading!
*1 - I use the 50 Simple Moving Average overlay in my chart and the MACD accommodation to it is the oscillator. The oscillator indicates how far the price is from the 50SMA. I like keeping things very simple and clean ;-)
Now the recent price run-up has been extreme and I've made the bullish call here on XRP. I am still very bullish on not only fundamental but technical standpoint. Let's see why...
The price chart should be analyzed in a shorter timeframe due to the volatility - see the Daily Chart and you'll get my point.
Now to the 30min chart: We're seeing an uptrend channel building up however my oscillator (*1) indicates that the upswing has run its course and we're poised for a correction before the uptrend continues. Don't get me wrong, I am not an advocate of shorting something in an uptrend, more a buy on the dip and taking some profits on overextended runs. That is precisely what my idea is about in this post.
If you have a long position in XRPUSD take some off the table, and prepare to buy back lower somewhere close to 1.25-1.30. But BE LONG not short. CUT YOUR LOSSES if the XRPUSD falls below 1.25 give or take.
Thanks guys, hope this is helpful and good luck trading!
*1 - I use the 50 Simple Moving Average overlay in my chart and the MACD accommodation to it is the oscillator. The oscillator indicates how far the price is from the 50SMA. I like keeping things very simple and clean ;-)
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