Ripple [XRP]’s short-term selling a good trading strategy?
Like the rest of the markets, Ripple is down 10 percent in the last seven days effectively reversing previous gains. However, it remains perched at position three in the liquidity list.
Ripple is currently surging at the 24-hour mark with 3.90% gains which is quite an achievement given the current conditions of the market. Its 7-day average remains to be negative as the losses in the current market conditions have outnumbered the surge Ripple experienced before. The 7-day average is -11.40% at the time of writing.
Ripple is hard at work and demonstrating how useful their technology is. They can now shift their attention to xRapid and xVia. Both are novel technologies that aid in rapid cross-border payment as was seen last week. Then it was shown that by using xRapid, payment providers can save up to 70 percent in costs. That is beside the time benefit that the end user gets to enjoy.
While statistics indicate that Ripple is down 11.40 percent in the last seven days, experts say:
“We shall hang on to a long-term bullish skew but short in the lower time frames.”
Experts expect bears to build on to that bearish engulfing pattern at around $1. Because of this predisposition, immediate targets would be at 45 cents. This way, price action would be actively trying to correct that over-valuation in January 2018. That’s beside towing with the general bearish sentiment in the monthly chart.
A Technical analyst say:
“We are not bearish but temporarily, prices might recover and test 85 cents in the coming days. If not, any break below 60 cents would be inviting for seller meaning a bear candlestick would print. This way, we shall have bear candlesticks aligning along the lower BB signaling strong bear momentum. And anyway, despite the under-valuation, stochastics are bearish and diverging.”
There has been a huge speculation that Bitcoin Cash may replace Ripple in the global market, grabbing the 3rd position but many experts still believe the possibility of it is very low given the long-term potential of the cryptocurrency.
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