(
MENAFN- Daily Forex)
- Ripple has been in the headlines quite a bit late, and looking at the chart, you can see why.
- But right now, we are continuing to dance around the $3 level.
- The question now is, will the volume pick up enough to make this market break out?
Now, I know most crypto enthusiasts hate to hear this, but really what you need here is Bitcoin to take off to the upside and it will drag everything else with it. Ripple is a little bit different in the sense that it's got actual utility use in the real world and of course there's a lot of news about banks right now. The United States is likely to move more friendly towards Ripple and that's part of what you've seen recently because notice, right around the election of Donald Trump, this market went from 63 cents all the way up to $3.40.
Top Forex Brokers1 Get Started 74% of retail CFD accounts lose money Digestion Might Be Necessary
That's a massive move that needs to be digested. And I think that's what's happening now. There was $400 million worth of transactions in decks over the DEX over the last month from what I just read. So that bodes well. I also believe that as the volume picks up, that's a good sign. But now we're just stewing with this, waiting for the next catalyst. We don't really have it yet, but it certainly looks like we will be heading in that way given enough time. So, the final verdict on Ripple is, yes, it's bullish and yes, it should be.
But the question is, will you wait for a pullback in order to buy some? That's essentially how I've been treating this because going all in up in this area could cause you quite a bit of heartache when the market ends up pulling back to the $2.20 level, which would be very reasonable in this environment, just as likely than breaking above the $3.40 level and just ripping to the upside. So, you have to keep in mind the volatility is what you like, but you also have to play it with a little bit of intelligence.
Ready to trade our daily Forex analysis ? We've made a list of the best forex demo accounts worth trading with.
MENAFN31012025000131011023ID1109151990
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.
Comments
No comment