After the great bull run in the spring, XRP has as expected consolidated in June and July. The daily chart shows rather nicely formed support and resistance which also align with fib levels; both tested multiple times (yellow and red area).
Given the price action in the last few days/weeks, $0.13 area seems to be the current bottom (yellow area). We always need to be very careful predicting a bottom, but this setup allows us to start looking for longs with higher probability. The general post-fork market sentiment seems to corroborate this idea as investors feel more optimistic in general, evidenced by the surge in cryptocurrencies market cap in the last few days.
These days might be a good time to start accumulating your position in XRP. Our original position is still active since December of 2016, but we will again start averaging in the XRP with part of our realized profits.
1st Entry point - 1/3 of the position at the break of $0.18700, 2/3 and 3/3 as the price action develops. We are trading this position without a stop loss, which we do not recommend for everybody. We already realized part of the profit on our XRP positions and the other part is in substantial profit so we can afford this.
For those who are playing this as a speculative short to mid term trade, we recommend an aggressive stop loss at $0.15 for targeting at least $0.22 or conservative at $0.12 for targeting $0.32. These areas could technically pose some resistance so be aware of them. We recommend the target around XRP's ATH at $0.38-$0.39 which would give a comfortable 1:3 or 1:5 (depending on your SL) Risk-Reward ratio. With this RR you can easily take partial profit and leave some for the long-term hold.
Ripples Q3 and Q4 are going to be very interesting as they plan to focus on liquidity development which is the most important factor for XRP success. Besides this, SBI consortium is said to go fully live (now in test phase) which could potentially have a big impact on price when it does. Crypto-Trader Club will follow these developments closely and suggest further trading steps to our members.
Tristan, Crypto-Trader Club