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Our 9 September 2018 commercial recommendation for Ripple (XRP / USD) hit the mark on September 20 when the pair rose to $ 0.50297. This allowed the couple to get out of the big fall wedge on the daily chart. In ten days, those who followed the commercial proposal have increased their investments from anywhere to 40% to 100%.
What we did not expect, however, was the price and volume increase on September 21st. This allowed Ripple to climb up to $ 0.79132. Even though we left the money on the table, we knew that there is always a chance to fix it. After all, the market managed to finish its nine month downtrend.
Technical analysis shows that Ripple is about to exit a bullish banner on the daily chart. The break from this model would be a signal to the market that consolidation is over. This will attract crisis traders and momentum traders who are trying to ride the next leg.
The strategy consists of buying the breakout at $ 0.56 after the market has generated a volume of 150 million Ripple units. Some of those who bought the emerging wedge could still profit. The market needs buyers to absorb sales pressure.
Once the breakout is complete, the coin will probably reach our goal of $ 0.80. The process may take less than a month.
If the market explodes as expected, there is a good chance that Ripple will become parabolic. We monitor the market.
Daily Ripple / US Dollar chart on Bitfinex
At the time of writing this article, the pair Ripple / US Dollar is trading at $ 0.56669 at the breakout begins Bitfinex.
Strategy summary
Buy: Breakout at $ 0.56 after the market printed a volume of 150 million Ripple units.
Target: $ 0.80
Stop: $ 0.54 after the breakout.
Disclaimer: the writer has bitcoins, Ethereum and other cryptocurrencies. It holds investment positions in the currencies, but does not carry out trading activities in the short term or daily.
Featured image courtesy of Shutterstock.
