Ripple (XRP) News – Will rising wedge pattern prove to be a reversal indicator for Ripple (XRP)? – Ripple (XRP) technical price analysis September 1, 2018

Spread the love

Ripple is currently trading around $ 0.3429. Our yesterday’s analysis proved accurate and Ripple (XRP) was able to gain 2% and achieve the targets which we recommended. However, if Ripple does not breakout soon from the wedge pattern on the upper side, it can indicate a reversal on the downside. It will move approximately $ 0.011 on the lower side. This will provide you with an opportunity to scalp 2.5%.

Ripple (XRP) technical price analysis September 1, 2018:

According to our ripple (XRP) technical price analysis September 1, 2018, it seems to be forming a rising wedge pattern. The rising wedge pattern is a trend reversal pattern. This indicates that it might move down soon enough if it is not able to break out of this pattern. On the other hand, if it is able to break out of that pattern, it can move higher by the same quantum. That is why, if you’re thinking of trading in XRP, it is a good idea to observe the charts pretty accurately. Currently, the upper which line is around $ 0.343. The lower wedge line is around $ 0.33917. Ideally, if it is able to break below the lower line, it can move lower by $ 0.01187. The stoploss can be placed just above the lower line. This ensures that with the risk of just 1%, you will be able to scalp of 2.5% quite easily.

The rising wedge pattern typically helps you in initiating a short trade. However, if the upper trendline is broken, you can keep the same target on the upper side and initiate a long trade with the stoploss being just below the upper trendline. Thus, you will have the opportunity to trade on both sides as long as you are able to confirm the pattern.

You need to keep in mind that since the rising wedge can be a confusing pattern to interpret, it is a good idea always to use confirmation indicators as well. When you are able to use the volume indicator, it will become easier for you to confirm whether it is an actual breakout or whether it is a false breakout.

Thus, if you’re thinking of trading ripple (XRP) today, it is important to keep a watch on this pattern. It is only with the help of this pattern that you will be able to trade ripple (XRP) easily today. Do keep in mind that instead of trading the moment the price goes past any of the trend lines, it is a good idea to let it sustain beyond those levels to confirm the pattern.

About Manish 352 Articles
I am an avid crypto lover and a electronics & telecommunications engineer by qualification. I follow the cryptocurrency & blockchain industry closely to focus on the latest news & developments.

Be the first to comment

Leave a Reply

Your email address will not be published.


*