Ripple’s cryptocurrency XRP is trading at its lowest 2018 support level. Should it break below this point, it will indeed reach true HODLer territory; that is, a 50% plunge to its 2017, near-starting range of $0.24.
Consider this a very wild ride, from $0.20 levels in December of 2017, to a peak of $3.34 in January 2018—a 1,291% increase—now back to $0.45.
Rakesh Upadhyay of Cointelegraph recommends “recommend waiting for a close above $0.56270 before initiating any long positions. The upside target is $0.70.”
Our take? If you look at Upadhyay’s recommendation in light of the “big picture,” that is, the entire scale of the price movement over the last few months and the lack of any “real” fundamental outlook, it’s clear that he’s recommending a swing trade.
But if you were a swing trader, as opposed to say, a long-term investor or Hodler, why would you trade XRP other than for the fact that its incredibly cheap? Aren’t there other assets to swing trade; assets that may be more liquid and that have much clearer fundamental criteria?
Something to think about.
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