Ripple has seen everything in the past year the boom, the crash the controversies. EVERYTHING. Regardless of the people and the technology behind it , it still stands 3rd on the marketcap. There is a lot of money to be made in the crypto market, but there are 3 things needed to be successful here.
1.Patience
2.Knowledge
3.Control on your emotions
Many of the people adopt the HODL Strategy, and it has proven to give many fantastic returns so far. But I like to get in and out of positions quite frequently because of the volatility and teh FUD in the market.
As a trader there is nothing more important than preserving your capital. So, even though XRP might be consolidating for a while I believe that it has still some way to go before it bounces back and profits can be made.
The analysis that I will be doing will be based on technical analysis, now I know many do not know the terms , but I will simplify and give a summary of the analysis and also use the technical terms so that other trades can tell me their opinions about my analysis.
So, let's get into it
XRP is approaching an important retracement level that is 0.0000964 BTC
The second support is at 0.00008905.
Therefore a further drop of around 10% may not be surprising.
As of now we cannot pull the trigger to trade XRP and I'm sure all the traders will look at XRP once the trend line is broken.
Summary:
XRP has seen a good retracement(fall) so far, but I do not think the retracement is over.
As of now no trades on XRP are recommended for the long term.
