Our yesterday’s target on ripple (XRP) was achieved as it surged by 7%. Today, however, it seems to be forming an entirely different pattern. It seems to be forming the double top pattern. The double top pattern is normally a bearish pattern. However, in this case, the trade is, when the double top is broken and the cryptocurrency can move higher. We will look into the ripple (XRP) technical price analysis September 29, 2018, to know more.
Ripple (XRP) technical price analysis September 29, 2018:
The 1st top was created on September 24, 2018. The levels at which it was created was $ 0.582. After that, Ripple fell all the way to $ .44 as well. The 2nd top was created today after the surge of 7%. It was created around the levels of $ 0.591. In between, both the tops, Ripple (XRP) fell by more than $ .15. Thus, once it breaks the double top convincingly, it can rise up to $ .15. This clearly indicates that the target is pretty large. At the current valuation, $ .15 is around 25%. That is why it is a trade which you should initiate carefully.
On the other hand, the stoploss can be kept just below the level of $ .15. Thus, with the risk of 11% approximately Ripple is trading currently at $ 0.561, you can initiate a trade with the projected gain of 25%. Currently, Ripple (XRP) is trading around $ 0.561. Only when it is able to break the 2nd top of $ 0.591, can you think about initiating this trade.
Thus, if you’re looking to trade in ripple (XRP), it is important to look at these levels. Only when the double top is broken, you can think about going long but only after you are able to get enough information from the other indicators.