A Good Opportunity to Buy the Pullback in Ripple XRP, But We Are Already Long
Skerdian Meta • 1 min read
Cryptocurrencies have been surging and they continue to remain extremely bullish, although the volatility also remains high. We have been seeing some deep pullbacks in the crypto market in the last few months, but despite that they keep progressing higher.
This month though, we have seen some strange price action so far, with a part of the market remaining bullish, with cryptos such as ETHEREUM . LITECOIN etc making new highs. The other part of he market which included Bitcoin was stagnating.
That was a sign that we could see a bearish retreat soon, which came yesterday. BITCOIN lost nearly $15,000 in the last few days, falling from $60,000 to $45,500. Ripple (XRP) coin also dived lower falling to $1.22 earlier today.
This looks like a good opportunity to buy this crypto, since it is finding support at the 50 SMA (yellow) on the daily chart. The decline complete, as the stochastic indicator at the bottom of the chart shows, which has reached the oversold area.
But, we are already long on Ripple which we bought during our first pullback lower. The pullback seems great for a bounce and a continuation of the larger bullish trend. But, since we are long here we will look at other cryptos to see if we can find another one to go long (looking at you Ethereum).