Hello Steemit Community!
Today I'll be talking about Ripple (XRP), conducting a basic technical analysis on price action.
What is Ripple?
Ripple is a cryptocurrency that allows for faster, traceable, and low cost bank settlements. Basically, with this technology a lot of money can be saved in fees as well as faster processing speeds.
The screenshot below taken from the Ripple website shows you the benefits of using its technology.
I'm more of a technical trader than fundamental, however, it's also important to understand what you are putting your hard earned money into by analyzing both fundamentals and technical. Below is my technical analysis on the current price action for XRP using the daily time frame using the tradingview website.
The massive run up from mid-May has led to a consolidation pattern with the market taking back about 60% of the profits made from the recent spike. As a long term swing trader, this is the ideal and conservative set up for me to buy a cryptocurrency. The price is close to a strong support (9700 - 10000 satoshi), RSI is at around 50 (stable), and your potential for profit is higher at a 1.75 risk/reward ratio.
Ripple is currently the largest % in my portfolio. I'll be analyzing each of my investments as I go and point out any strategies and mistakes that I have made so that hopefully people have something to gain from my input.
Final Fantasy XIV Stream!
As I mentioned from my introductory post, I currently play Final Fantasy XIV. The expansion pack "Stormblood" released for this game recently and I'd probably be posting some gaming clips in future posts.
If you found this analysis useful, please let me know what you think and/or any suggestions that you may have. I'm new to the investing world and basically self-learned through tons of YouTube videos. I hope we all learn from each other in this Steemit community and always stay positive!