CryptocurrenciesX

Ripple (XRP), Stellar (XLM) and EOS Among Top Gainers – What’s Next?

By 09/12/2018 No Comments


Ripple’s XRP, Stellar Lumens XLM, and EOS were among the top gainers in top 10 cryptocurrencies by market cap on Wednesday. But the gains weren’t enough for neither of them to form a solid bullish reversal chart pattern.

Get on Waiting List for Cryptocurrency Investing for Dummies Book >>

Ripple (XRP) Overview

Ripple’s gains came after the news that MasterCard has been mentoring Ripple since 2011 according to an interview that was published on Twitter on September 11. While Ripple has been clear that the company doesn’t really have a lot to do with Ripple’s XRP, many market participants take MasterCard’s mentorship as a positive implication for the cryptocurrency.

Looking at the charts though, XRP has been hanging around the 4-week low of 0.2550 while traveling below the daily Ichimoku cloud.

Get on Waiting List for Cryptocurrency Investing for Dummies Book >>

Risks of Cryptocurrency Investing - Cryptocurrency Investing for Dummies book cover

Cryptocurrency Investing for Dummies

If the positive news keeps the bullish market sentiment energized, we may see a medium-term double-bottom chart pattern forming on the daily time-frame, with the neckline at 0.36 and profit-taking resistance at the 23% Fibonacci level of 0.42.

XRP/USD Technical Analysis Using Ichimoku - Daily Chart

XRP/USD Technical Analysis Using Ichimoku – Daily Chart

But since Ripple and other altcoins take most of their signals from Bitcoin’s movements, we may not see a major bullish reversal in them before Bitcoin decides to start its renewed uptrend, as I talked about in yesterday’s update.

As the 4th point of the IDDA technique, you must calculate your risk tolerance before deciding on the investment strategy that is suitable for your portfolio.

Don’t forget to complete your risk management due-diligence before developing your investment strategy.

Invest responsibly,

Kiana

Leave a Reply

 

 

  • Economic Calendar
  • Terms of Service
  • Privacy Policy
  • Disclaimer:Investing in the financial markets involves a risk of loss.
    You should only invest the money you can afford to lose.

    Invest Diva (KPHR Capital, LLC) and Kiana Danial are NOT a financial advisor. Nothing said on investdiva.com by Kiana Danial or other contributors is meant to be a recommendation to buy or sell any financial instrument.