Ripple’s XRP and HODL: Is this the time to buy the dip?
|- Ripple price shows maturity in the current declines.
- Indicators already show a buildup of upside momentum.
It is unfortunate that altcoin prices are still correlated with Bitcoin price actions. Bitcoin price is currently dragging the other cryptos down with Ethereum showing no signs of resistance to following Bitcoin’s trend. Bitcoin Cash, on other hand, has been blamed for the recent volatility in Bitcoin price with experts saying is overreacting to the tag of war between the followers of Bitcoin ABC and Bitcoin SV. In fact, Bitcoin has been oversold, read more here.
The hope for altcoins and the crypto market at large current lies with Ripple (XRP). This asset has remained considerably stable amid the worst selloffs in 2018. Besides, there has been a quick correction from today’s lows that tested $0.41. Ripple price currently exchanges at $0.457 with $0.46 being the immediate hurdle. The bulls have eyes at $0.5 but will have to face the resistance at the 50 SMA (15’ range) and the 100 SMA on the same chart. Indicators already show a buildup of upside momentum with the MACD making a comeback towards the mean level. The RSI indicator explored the oversold levels at 14.58 before bouncing back up. It is currently horizontal at $50.
Ripple has shown maturity in the current declines. Besides weathering down the declines well, it has maintained high levels as opposed to its counter parts in the top five. The investors are rethinking HODL with Ripple. To HODL is to buy crypto assets and keep them for a while for the price to increase and then liquidate. Bitcoin has in the past one week declines from trading above $6,400 to levels close to $4,200. This negates the essence of HODLing, besides Ethereum or Bitcoin Cash do not offer a better alternative.
Moreover, Ripple (XRP) is among the best coins to buy when the token value is down. This strategy must be used carefully to ensure that an investor does not lose their funds. Buying the dip requires an investor to wait until the market settles and there are signs of a bullish reversal as shown by XRP.
XRP/USD 15-minutes chart
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