Ripple Trading Strategy
Do you know that there are several popular cryptocurrencies in UAE other than Bitcoins? Ripple just happens to be one of them. Apart from Bitcoin trading, you can involve yourself in Ripple exchange to gain handsome profits by selling at the right time.
Before you poke your nose in cryptocurrency trading, you have to know that it requires some expertise to buy and sell Ripple coins successfully. Therefore, we will help you get started by outlining an effective Ripple trading strategy.
Using Charts for Trading XRP Ripple
You need to make use of various trade tactics when you are buying and selling Ripple coins because its price has a different nature than others.
Through backtesting and careful examination many experts have claimed that Ripple’s price is on its peak at a certain time of a day. Let’s take a look at what that perfect time to trade Ripple could be for you.
1. Dividing the 5-Minute Chart by Trading Sessions
You should use intraday charts because you need a strategy for day trading XRP Ripple. The 5-minute chart is the perfect time frame to execute the Ripple strategy.
To get a better view of the Ripple intraday trend and the overall price action, you can use the 15-minute chart.
Many cryptocurrency trading platforms even for Bitcoin investment are capable of automatically doing the process. When a new trading day starts, they draw a vertical line. With the help of this line, you will know the opening daily price of every new trading session.
2. Marking the Time Window
9 AM to 10 AM GMT is probably the best time to purchase Ripple. The “up days” are also a great time to buy these coins.
However, you need to know that you should buy Ripple when it is trading above the opening price (during 9 – 10 GMT).
3. Hiding Your Stop Loss
You need to hide your stop loss below the opening price. If the opening price is above the sell-off point it will show that the buyers are not financially strong and you will purchase Ripple on some other day.
4. Gaining Profit at the Right Time
The first task is to calculate the opening price’s distance from the highest price (which normally occurs between 9 – 10 GMT). The second thing you need to do is project the price distance which is measured above, from the lowest price to the highest price.
You need to take profit when the price has travelled a similar distance as it did from the opening price to 9 AM’s price.
The Bitcoin market is getting saturated so now is the time to explore other cryptocurrencies like Ripple. It is never too late to make a good decision.
Like every other coin in cryptocurrency market, the price of Ripple drops and rises at certain parts of a day. You just have to get some profit by following the above tips.