Ripple Analysis September 15, 2017

on Sep 14, 2017

Ripple rolled over during the session on Thursday, as crypto currencies in general got hammered.

Most of the concerns in the crypto currency markets right now are due to the Chinese looking to close various currency exchanges. Because of this, we have seen a bit of a “knock on effect” in the Ripple market, but unlike other crypto currencies, Ripple has banking aspects as well.

Underlying asset bodes well for Ripple to hold

Because of this, I anticipate that the market will hold up over time, and I look to see a supportive candle near the $0.16 level to start going long. Because of this, I like to wait for a bounce or some type of positivity before getting involved. At that point, I am more than willing to start buying.

Ultimately, this is a market that should hold up better than other crypto currencies, including Bitcoin. This is because banks such as Santander, UniCredit, and many others already use it. In other words, it has a bit of legitimacy.

Waiting for the bounce

I’m waiting for a small bounce under 0.16 before taking advantage of value, and I believe we will get it rather soon. I have no interest in shorting this market, as I believe there is extensive support down to at least the $0.14 level.

The longer term direction is up, but keep in mind that there is a bit of utility to this crypto currency as well. Volatility will likely continue but once the dust settles I think ultimately we will see a positive move in this market.

Be patient though, don’t rush into the trade, you should have plenty of time to take advantage of this value proposition. Once we do break to the upside, I suspect we will revisit the 0.26 level above which has been resistive in the past. Volatility will remain high in the short term.