Ripple (XRP/USD) Analysis September 25, 2017
Ripple drifted a bit lower during the session on Friday, as we continue to roll over. The market looks likely to continue to go lower and find support, somewhere near the 0.15 level. I think that longer-term, the Ripple market should be positive, but right now it appears that the crypto currencies are drifting slowly to the downside as we continue to see concerns. I believe that the market will eventually show a bounce or an impulsive candle to get involved. Ultimately, I think that the market goes looking towards the 0.20 level. If we can break above there, the market should continue to go much higher. This is a market that continues to be volatile as other crypto currencies have been, but I think that given enough time it is likely that the crypto currency traders will come back into the fold. After all, they tend to do that repeatedly.
Risk on/risk off
I believe that part of the reason for the trade is the “risk on/risk off” situation we find ourselves and going into the weekend as there are concerns about North Korea, as the tensions are ratcheting up between the US and North Korea. The sanctions that have been added should continue to flare tensions between the 2 countries, and that of course has people on edge. Given enough time though, this is almost always a buying opportunity as the crypto currencies continue to attract money over the longer term. I believe that given enough time, the buyers will return as they don’t know anything else to do in these markets, especially considered that the US dollar has been on its back foot for some time.