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Ripple Price Analysis: Short-Terms Longs could soon be very Amazing
Disclaimer:
This article is not financial advice. The author is not a financial advisor and this article was not paid for.
Fundamental Analysis
For those that have not noticed, Ripple has been in the midst of a media blitz for the entire day.
Here is a list of all the media content produced in relation to Ripple in just the last 24 hours:
https://www.reddit.com/r/Ripple/comments/97spcr/binance_ceo_met_with_ripple_svp_xrpthebase/
https://ambcrypto.com/ripple-collaborates-with-cargills-bank-a-promising-change-for-sri-lanka/
https://coingape.com/ripple-penetrate-china-billion-dollar-market-mercury-fx/
The topics of these articles (in order) are:
The summary of the headlines of the link shared has been given below:
Ripple meets with Binance’s CEO.
Ripple outlines the ‘gold standard’ of crypto exchanges that are best to trade Ripple with.
Ripple creates some sort of collaboration with the Cargills Bank in Sri Lanka.
Ripple is now targeting China for expansion.
Ripple CTO somehow posited the idea of blockchain tech two decades before Satoshi.
Ripple introduces more nodes onto their network to further “decentralize” the data.
Since none of the news is necessarily latebreaking in the sense of it being something critically important, I’d imagine this is probably a PR push by Ripple.
This makes sense given how much the price of the currency has been smashed.
Obviously, most people won’t be reading the news with that in mind, and will more than likely be thinking “Woah, that’s very bullish! The price of Ripple is down. Perhaps I should grab some now” <- which could potentially make it a solid scalp option for the day.
Let’s look at the charts for it.
Technical Analysis
Ripple Price Analysis
As you can see, the price of $XRP has appreciated by 8.86% since midnight (EST; GMT-4) August 16th. That’s notable.
Still looking fairly strong on the 1H chart as well RSI-wise (RSI-14).
Flat top on the 15 min. Break out would be good news.
Sooner or later something will have to happen for it.
Conclusion
If the price of bitcoin continues to consolidate this could be good news for $XRP. I’d put a soft long in here with a S/L to protect me. No more than 25% of my portfolio with an adjusted 4–5% risk.
Okay that is for the analysis I have for you today.
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