Thank you for your questions that you have sent to me in my twitter. Most of you have been asking what do I think about XRP now when it is falling? Due to high demand on your questions related to XRP I decided to make chart just for you guys. This chart will be super short and simply explained. There are two reversal zones that are based on fibonacci retracement levels. Even the price would break through downtrend line it still might go down. These ideal reversal zones should be tested and confirmed with the oscillators before investing anything. XRP is offering good trading opportunity for scalpers but not for those who are swing trading or doing longer term investments. It is important to wait than to regret afterwards. Always wait for patience until the price has formed a base or where it is building up the price.
Things to Remember: -> Stop-loss orders are strongly recommended. -> Beware of buying tops or FOMOS, you might end up losing or waiting long periods of time before getting anything back. -> Do your homework before investing.
DISCLAIMER: Please be aware I am providing this trading information for your benefit and insight to my trading strategies. You are responsible for your trading and investing decisions. It is highly recommended to do your own research before investing anything.
Thanks for posting- i think the news about the korean Gov planning to ban cryptos may push xrp way further south as Koreans hold most of it. And i can't see a lot of people wanting to buy en-mass during such a powerful downtrend. I think your possible reversal zone 2 is a good reversal point :)
@JHK2020,Justice minister Park Sang-ki said the government is preparing a bill to ban trading of the virtual currency on domestic exchanges.
“There are great concerns regarding virtual currencies and justice ministry is basically preparing a bill to ban cryptocurrency trading through exchanges,” said Park at a press conference, according to the ministry’s press office.
A press official said the proposed ban on cryptocurrency trading was announced after “enough discussion” with other government agencies including the nation’s finance ministry and financial regulators.
PConnolly
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@wrogins99, Firstly, the actions against exchanges in Korea was for non compliance in relation to KYV and tax avoidance. Only affected some exchanges where this was going on. These exchanges are the ones being threatened with closure. Secondly, two Govt Depts Justice and Finance disagree about banning crypto trading. thirdly, neither of those Depts can enforce any ban via legislation on their own. Any legislated ban must be voted for by entire Govt. Fourthly, Finance Houses have tested Ripple with Japan and found cost and speed factors much better than SWIFT. So, preparing a Bill by a Dept that cannot legislate let alone enforce it is a long way from banning all cryptos. And even if such a Bill was prepared, Finance Houses would argue strongly against it due to cost and speed savings. Also, if they can fix exchanges not obeying the law, and they will even if it means closing some, then problem goes away. Much of the price drop due to misinformed market believing all cryptos being banned in Korea. I suspect, once what really happened is understood by Traders, price will rise. Long term hold in my opinion.
wrogins99
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@PConnolly, noted. i also believe prices will rise long-term but my general opinion was 'the news about' i.e regardless of what the facts were after the initial statements, the news could still push things down regardless of the truth. And for the record- I'm a ripple fan too so i'm in long-term :)))
masoud_em
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please help me i buy xrp at 3.1 and i dont know what should i do ?
moga111
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@masoud_em, yea many people did, just hold on it, you didnt sell when it was 2.5, dont sell now!
rsly99
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@moga111, xrp will be a giant within 3 years. hold. its coming back. long term