Technical analysis Ripple. XRP-BTC on July 20, 2018July 20, 2018
It keeps going in the downtrend, the recent bullish breakout of Bitcoin affected the Ripple development but in a short perspective, which gives us an opportunity to enter on the low level. On the long-term perspective, the market is still in the good support zone with a possibility to bounce, but we are still in the downtrend wedge. On 3 days timeframe the market is close to the oversold condition, but Stoch RSI is getting bullish and demonstrating the possibility for further growth. The current support looks strong, but if the market keeps pushing further we can go to the bottom edge of the wedge. Now in order to consider the more positive scenario XRP should overcome the resistance of an upper edge of the visible pattern. In case of further fall, we still can expect the bounce to the current level with the further growth as this asset has got the correction and should be traded on the higher levels. It is still possible to come back to 2-3$ price, but it will take more time, that is why we should consider Ripple as a long-term investment. XRP-BTC pair has got a big damp, the market has become more oversold and we have gone down to the one of the historical minimums level of October 2017 (0.00006100), which should hold the market. The higher price points are still active, the perspective of a long-term growth is still actual, the price fall and dumps should be used as an investment levels using your money manager and risk control. Buy and hold strategy brings good profit, as a rule, it is important not to make emotional decisions and panic actions. Most of people make the same mistake trying to get the maximum profit from the current moment. Don’t chase the market. The time,discipline and patience are the key factors of the successful investment.