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Ripple (XRP/USD) September 20, 2017

on Sep 19, 2017
Updated: Sep 19, 2019
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Ripple continues to grind sideways overall, essentially going nowhere. We have been consolidating for the last several days, but I can also make an argument that we are forming some type of base. I think that the base could be formed with the 0.1750 level being the bottom, and I recognize that a break above the 0.20 level would be a very bullish sign. On that move, I anticipate that the market should go to the 0.2250 level over the longer term. Ripple tends to be a bit more stable than the other crypto currencies, so the small moves should be anticipated. However, larger positions can be taken in a market that is so cheap, and of course features such stability.

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Buying pullbacks

 

I believe in buying pullbacks on opportunities, as we should eventually fulfill the upward momentum. The underlying system that Ripple uses is highly important, and used by several large banks around the world to facilitate international trades. Because of this, I believe that the market should eventually reward this market place as Ripples are necessary to facilitate these traits. I believe that if we do break down below the 0.1750 level, the market could go down to the 0.1550 level after that. Ultimately, I think that the market will eventually find plenty of support, and in the meantime, it is offering an opportunity to build up a rather large position as the fluctuations have been somewhat minor. Ultimately, this market continues to ask stable, which is more than can be said for most crypto currencies as of late. If capital preservation is a concern, Ripple might be the place to invest as we sort out the issues in China with Bitcoin. I have no interest in shorting this market, it is far too utilitarian to large entities.

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