Technical Analysis XRP/USD / 5.1.2018

in #cryptocurrency7 years ago

Today XRP / USD broke down the ascending trend line. Is that a concern? Not! The correction at this point resembles very much with the last 2 usd correction. At the time, XRP had a correction of up to 38.20% Fibonacci withdrawal. If we now respect the same pattern, we will go down to Fibo 38,20% which corresponds to a price of 2,12 USD.

In TA down to Fibo, 38.20% is considered a correction, not a trend reversal. Breaking the 2,12 usd would mean a descent to Fibo 50% (1,76 usd). In that case, we will have a temporary reversal of the up trend and we will have a longer consolidation period. Given that Ripple has very good fundamental data, we have no reason to worry in the long run.

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Do not forget that this year, we can have the first XRP currency announcement in cross-border payments. This will have a huge impact on the price.

If you are not a speculative trader, I would recommend HOLD. Levels of withdrawal (Fibo 38,20 and 50%) specified by me can be used for a step-buying strategy. Specifically: buy 30% of the money at Fibo 38,20. If the price goes down to Fibo 50% buy another 30% of the money. If the price goes down, you still have 40% to buy below.

At this point, I doubt that we will have a move below Fibo 38.20%. Do not forget that an informed person is less panicky.

PS. At the time I posted the technical analysis, the price reached Fibo 38.20% and started to rise.

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Very nice thanks you

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