Ripple XRP No Joy For Now

sixshooter(45)

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#ripple

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Ripple XRP No Joy For Now

Summary:

It appears that there is no good news for Ripple at the moment. I'm staying pat on this one for now. If I were to do anything, it would be a spread of orders between the two trend lines centered on the current price. This would require close monitoring and constant updating. Too intensive I think for 99.9% of traders.

The Chart:

With BTC turning south again as can be been seen on the chart in a light blue line, the pressure is downward for Ripple. There is some technical reason to hope for a bounce from the lower yellow trend line of the descending wedge. If we get some news or BTC turns up, look for resistance to the price at the upper yellow line of the wedge.

Falling trade volume is no help either. See the yellow trend line on the volume chart.

The RSI and the MACD are pointing down, with the RSI about to re-enter the oversold zone.

Comments:

I'm not a great fan of Ripple XRP because it's not an open source blockchain. This product is aimed at institutions and as such it's of some interest for trading due to its reliance on public news announcements and partnerships. It's also Ripple's weakness. I've been in and out of Ripple, mostly out. I've made a couple of good trades on its price movement.

So, Ripple is worth watching for trading, but due to its very high number of tokens (market saturation) and its use case being as a transport for inter-bank transfers, I feel there is much institutional desire to keep the price of the token low. Also, there is no cap on the issuance of new tokens which can lead to severe dilution and price slippage if the owners of Ripple desire to flood the market with more tokens.

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All statements and expressions I offer are my opinions, and not meant as investment advice or solicitation. Information provided is not personal investment advice. Seek guidance from a professional investment advisor before trading or investing. Trading cryptocurrencies can be a potentially profitable opportunity for investors. You should carefully consider your investment objectives, level of experience, and risk appetite. Most importantly, do not invest money you cannot afford to lose. I am not a registered investment advisor.