The Ripple Coin Is Ripping Higher - Forex News by Strategia Forex

The Ripple Coin Is Ripping Higher

Posted Friday, October 6, 2017 by
Skerdian Meta • 1 min read

Earlier this week I opened a small buy (long) position in Ripple Coin (XRP). As with most cryptocurrencies, the main reason for this was the uptrend at the end of September.  

Ripple moved above the 50 (yellow) and 100 (green) moving averages (MAs) on Monday without much resistance, so that was another reason for our long Ripple trade.

The all-time high is the next target 

The price moved around in a range in the first two days, but on Wednesday it started to surge and it is not stopping. Again, I can’t find any news related to Ripple Coin (XRP) so I have no idea why this is happening, but I’m glad to be on the right side.

Ripple has opened offices in India and Singapore in September and is holding a conference on digital currencies soon, so perhaps that has made the market feel more confident about Ripple.

The 20 SMA is keeping the uptrend intact

The uptrend in the H1 chart has turned pretty steep since Wednesday, as you can see. In one of the updates yesterday, I mentioned the 20 SMA (grey) as a support level.

I wanted to add to the long trade I have already opened, but the price didn’t reach the 20 SMA today. It only came a few pips short of that moving average, so I missed another entry. Well, I’m now about 4 cents (44 ticks) in profit so I shouldn’t complain.  

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About the author

Skerdian Meta // Lead Analyst
Skerdian Meta Lead Analyst. Skerdian is a professional Forex trader and a market analyst. He has been actively engaged in market analysis for the past 11 years. Before becoming our head analyst, Skerdian served as a trader and market analyst in Saxo Bank's local branch, Aksioner. Skerdian specialized in experimenting with developing models and hands-on trading. Skerdian has a masters degree in finance and investment.
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