Introducing XRP Coin
XRP is a cryptocurrency created by Ripple Labs with its main founder being Jed McCaleb (who is also the founder of Stellar). The purpose of XRP is as a medium for inter-bank settlement. For example, if there is a bank that will make settlements in different currencies with the same system. Cryptocurrency Ripple (XRP) is one of the popular cryptocurrencies which is ranked 6th in the cryptocurrency market cap ranking as of March 2, 2022.
Ripple specializes in international money transfers and is not only used by more than 300 financial institutions, but is also currently developing a "beacon network" that implements smart contracts. Therefore, it can be expected that Ripple will continue to spread.
| Symbol | XRP |
|---|---|
| Price Now | $0.7821 |
| Market Cap | $37,237,935,560 |
| Max Supply | 100,000,000,000 XRP |
| Circulating Supply | 47.95B XRP |
| Rank | 6th place |
| Developer | Ripple Labs Inc. |
| Official Site | https://ripple.com/xrp/ |
| Official Twitter | https://twitter.com/Ripple |
| Whitepaper | https://ripple.com/files |
XRP is the "bridge currency" that mediates between legal tenders in each country, and enables the smooth transfer of money across national borders. According to Ripple's announcement, the Ripple network has more than 300 financial institutions from 40 countries and 6 continents, so it looks to be attracting attention in different countries. In addition, the XRP wallet can be created by anyone, so it will be available in areas with a lot of unbanked people.
The XRP coin system is considered a fairly centralized and private blockchain as it is not open to the public to mine or verify transactions together. Only a limited number of banks or entities can verify transactions on the system. Ripple's concept of money transfer is different from other cryptocurrency systems. When a Ripple transfer occurs, a certain amount of XRP is burned in the transfer process as a fee.
Looking back, XRP isn't really that good at running blockchains. Because people expect a truly decentralized cryptocurrency. However, if you are someone who believes in the future of banks, XRP is especially attractive because Ripple recently became America's second largest fintech company. We can see that Ripple has partnered with many companies. If you pay attention to the future of banking, XRP looks interesting because it is the number 1 favorite in banking.
Currently, the management or team behind the XRP project are those in the picture above. Those who run Ripple Labs for now.
XRP Coin can be traded on many leading exchange platforms such as Binance, KuCoin, Bithumb, FTX, Huobi, Bybit, Gete.io, Coinone, Kraken, Bitfinex, Bitstamp, Poloniex, Bittrex, etc. This time, I will be using the Binance platform to trade XRP/USDT.
What I'm Interested In XRP Coins / XRP Analysis
What attracted me to this coin is its scalability and high throughput, as well as the very small fees that must be incurred each time. But that's not what attracted me to invest in XRP coins, the main thing that attracted me to investing was of course the bullish signal I got on the Ichimoku cloud + RSI + MA85 indicator.
I can see an opportunity to take some advantage of XRP. We can see in the chart above that I have set up in the 4h period, that the price of XRP is above the cloud from the Ichimoku indicator which indicates that XRP has entered a bullish trend. To confirm the bullish signal, I use the Moving Average indicator with a period of 85, the price also seems to have just crossed above the MA line. While the RSI indicator will function perfectly in a sideways market, the RSI marks an uptrend market with the RSI line in the overbought zone.
I went straight to the spot market and placed a buy order, the order was filled at $0.7764.
Because the capital I use is very small, so I am not too eager to sell it at a price that is too high. I'm just trying to make a small profit. I've been keeping an eye on XRP's charts, even before the price hit $0.8, now it's gone down a bit, but I'll try to hold it for another day or two.
I will place XRP on the market using the OCO feature, the selling price will be at $0.82 and the stop loss is $0.77. This is just a precaution, because the price might drop at any time, because I can't afford to pay attention to the 24-hour market.
My Strategy and Plan
To be honest, my trading strategy is very simple. What I have learned in the SCA community, I will immediately implement in the real market. Therefore, I use the Ichimoku + RSI strategy to capture signals in the market. To confirm the signal generated by this strategy, I added a moving average indicator with a period of 85, this corresponds to the task I previously published in SCA.
The plan that I will follow is also very simple, if the price has moved above the Ichimoku cloud and the RSI shows the price is near the overbought zone, then I will place a buy order. However, before placing a buy order, I must first confirm the signal with the MA, if indeed the price has also moved above the MA line, then I will place a buy order immediately.
My basic plan would be to use 1:1 risk management, but seeing the very good XRP price development, I decided to hold it a little longer (1 or 2 more days).
Hold XRP or Sell
As I mentioned above, I am not an investor who buys and holds tokens for a long time, but I am a trader who runs an intraday strategy. While XRP has good looking prospects in the future, I have no intention of holding on any longer.
I will try to hold XRP for a day or two, if in a day or so the price drops further, then I will make as much profit as possible. A trading strategy like mine does not target big profits, but collects as much profit as possible and manages to complete many trades.
After all, it is a very centralized blockchain project. For me personally, in order for me to want to invest in a project with a long period of time, the project must be truly decentralized. This is useful to guarantee the assets we have, as well as to increase user trust.
Would I Recommend XRP to People
If they really want to make a profit, then yes, I recommend it to everyone. However, before investing you should use technical analysis according to your needs. Because the trading strategy that I run may not suit your wants or needs, so you have to use your own analysis before investing.
I don't recommend investing for long periods of time in XRP coin, firstly for safety reasons, secondly because it's a coin that never really experiences an uptrend to $2 in a day, a week, or even a month. There are other coins that are more suitable for long-term investment.
So in conclusion I recommend XRP coin to be used as a short term trading instrument, and I do not recommend XRP coin to be used for long term trading.
Conclusion
In this trade, I don't really use big capital. However I try to execute the trading strategies I have learned in the SCA community. I've included some small information about this project, as well as analyzing XRP.
I try to keep this strategy simple, and pay attention to good risk management to use so as not to experience unwanted losses due to my greed or carelessness. So it is important to analyze and execute the strategy properly and correctly.
Hello @rizaldamti , I’m glad you participated in the 2nd week Season 6 at the **Steemit Crypto Academy Trading Competition **.
Unfortunately, your account has a history with tipu which is a bolt account. It is also noticed that you have used tipu to buy votes and build your reputation. This is against the Academy rules. Users are encouraged to build their account organically.
Remark: Homework Task Disqualified
Cc:
@kouba01
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