XRP/USD Price Analysis: Short term opportunities!
|The crypto market as a whole has seen a small bull-run in the last 30 days, however it seems as if ripple hadn’t received the message.
Since the beginning of 2019 there has been a mix of positive and negative fundamental data and as a result the price of Ripple (XRP) has consolidated between $0.30 and $0.36.
Ripple (XRP) continues to fall short of closing beyond the $0.37, a small reversal towards the $0.32 level has occurred.
Price is lingering around this $0.32 level and is rallying around a 200-period smooth moving average, which can be seen as a dynamic support level. With the sellers looking stronger we could potentially see a drop to the $0.307 level, however, I do feel price may choose to bounce to the $0.34 level before deciding to go long or short.
The major upside target is of course the $0.37 level and whether we can close above this price to indicate the start of a bull run. On the contrary, we could see downwards pressure towards the 0.307 level and even further to the $0.29 level.
Taking any short trades would be a short-term outlook on this asset, and I would always recommend in such climates like this crypto market, to look to go long for the long-term. As Baron Rothschild was once credited saying “the time to buy is when there's blood in the streets.”
MY TRADES:
BUY LIMIT @ $0.29 TP: $0.37 SL: $0.25
INTRADAY TRADE BUY @ $0.32 TP: $0.35 SL: $0.30
This is just for informational use only, as always trade with strict risk management.
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