Over the past two weeks, the market has seen somewhat of a sell-off which sent near enough all the cryptocurrencies crashing, hard. Bitcoin fell below two key resistance levels, $5,000 and $4,500 in just 24 hours leaving investors to panic.
XRP, on the other hand, seems to be doing relatively well, it continues to trade within its triangle like pattern but it is currently in the red like the rest of the market. As reported by Investing Haven, who published a price forecast for 2019, they remain bullish on Ripple’s XRP token being one of the outperformers of the year. The recent sell off didn’t seem to change their mind either.
If we take a look at the recent sell off in the crypto market it is interesting to note that Ripple kept its trading pattern. Specifically, the triangle pattern that started with the lows of September and the giant breakout end of September is in play as of now.
The pattern is thought to be resolved sooner rather than later and is almost certain to be before the end of the year and possibly in up to three weeks.
Now, this could be an upside breakout but it’s hard to tell since it will most likely follow in the footsteps of Bitcoin.
“How to play the next trend in Ripple? Pretty easy, as both the breakout and breakdown levels are clear, so anyone can take a position once “it” happens. Note, though, that the rule of 3 has to be respected: you need at a minimum 3 consecutive days of trading above or below a level to get a confirmation.”
It’s worth noting that we are not financial advisors and this is not financial advice. Investing in cryptocurrency is very risky, so only invest based on your own research and invest with money you can afford to lose, always remember to trade safe!
At the current time of writing XRP is in the red and is down by 0.71% over the past 24 hours. The token is priced at $0.43 so it seems to be getting back to normal. The now second biggest digital currency has a market cap of $17,609,048,195 which indicates that it is slowly getting ahead of Ethereum to solidify its position.
Source: Crypto Daily