If we look at the daily chart of Ripple, we can see that price has been moving in a horizontal channel for several weeks. We have range market conditions which can be confirmed by DMI indicator also. The resistance zone between 0.290000 and 0.300000 levels is a barrier for possible up movement. The support level 0.200000 can stop and reverse the market if it starts falling. Moving Average with period 100 also will be able to support the price during down movement. When a market is in range, it's better to wait for strong price movement. Also you can try to catch small price movements on lower time frames opening short term trades. How we should trade this market if we want to make some profit? We have to wait when ADX line of DMI indicator starts moving to 20 level and higher. It will be a confirmation of possible new impulse wave in the direction of the main up trend. Price will have to break the downtrend line. MACD will have to confirm up movement. Probably the entry level for long trades will be higher than 0.320000 level with profit target at 0.400000 resistance level. If the market drops to 0.200000 support level, we'll have to wait for confirmed price reversal signal from this level and MA100. Only after that we'll have buy signal. We'll be able to trade in channel with profit target at 0.300000 level.
I know this Ripple scenario has been confusing other analysts here on TradingView for a while now, they all talk about this pattern being a sign on an impeding explosion upwards, that they've been waiting for a month. What is your opinion?
mightytrader
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@habibihamoodi, Just wait for Money 20/20 near the end of October. Hopefully Ripple will crash to 10-15 cents so we can pick it up cheaply. In the meantime, go all-in on Decred! =D
Allaboutcryptocoins
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@mightytrader, do we exit the market now?? And join back later?
VERY GOOD ADVICE except for the part about waiting until end of October. I am 90% DCR and 10% LTC. July is about the uncertainty of Bitcoin coming August 1st. It will dwarf anything Ripple comes out with. But I will be taking ALL of my profits this month and putting into Ripple XRP coming August to prepare for it to go back up to $0.40 cents and beyond! :)
mightytrader
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@sabidawg, By the way: It's "advice". "Advise" is the verb form. Common mistake. They are actually pronounced differently too. (Not trying to be a smart-ass; I always correct people on spelling, that's all. Happy trading!)
sabidawg
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@mightytrader, Hahah all good i knew i spelt it wrong but there's no edit button :( Figured you would be able to understand what i meant anyway.
habibihamoodi
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So now what, upward trend?
BTCINVESTING
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i agree. here my chart for you. 8h
OmidPustcci
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Ripple is already on its floor plus .20 is strong support. as well as you can see in @DLavrov 's chart MA100 would stop the fall as well. so seeing .10 or .15 looks far away. strong upward movement is expected.