Why I Just Bought More Ripple (XRP)!
Hey guys I wanted to share with you the fact that I just bought some more XRP and why I did so. If you have read my Volume Price Analysis Tutorial (https://steemit.com/bitcoin/@investingtips/has-ripple-hit-it-s-bottom-best-time-to-buy-volume-price-analysis-tutorial) then you will already know why.
I am not going to repeat all of my technical and volume analysis of XRP here because I do not want to be posting the same content twice, however, here is a summary of why I just bought more:
As I said in my Volume Price Analysis tutorial, when volume maxes out and then returns to low volume after a strong move this tells me two things:
- Volume maxed out because everybody who wanted to sell their Ripple has done so (if it is a bear move like in this example) and price has therefore stabilized now.
- Volume has became low again because, again, nobody is interested in selling their Ripple anymore, they are HODLING and other people are waiting for Ripple to go up a certain amount before they are sure price will go up again.
Note on point 2: I don't wait until price has went up significantly before I buy. Infact, I only buy when price has went down a lot and I am convinced that selling volume has maxed out, therefore the bottom is near and the price of the asset is cheap at that time.
Anyways, this is just what I am doing guys, you need to remember that I might be completely wrong! Please do your own research and analysis before you buy anything. Thank you for reading and if you enjoy my content please follow and I will follow back!
Well, I think XRP's market cap is a bit overvalued. that might be enough reason for me to not invest in it. But that is just my opinion.
If you believe in the coin, you will not lose anything even if the price go down.
I also go with your assumption here that Ripple is currently overheated and would rather observe it than going into. On the other hand, I would said this a few weeks ago when it was reaching 30¢ as well, so... ;)
When it comes to market cap you have too look at the market it is aiming at though, comparing one coin to another's market cap doesn't tell you anything about potential growth. If central banks and big companies adopt XRP it's market cap in the future will dwarf what it is right now!
I think I will talk about using market capitalization when looking at potential crypto investments in my next post actually... so thank you for giving me that idea! :)
Actually that was not what I meant. There are quite some guys who not accept Ripple as real crypto currency and think its a trojan horse. Thus my bet was against become a wide adoption.
Yeah my answer was really to both of you but I see what you meant now. You are right in saying that Ripple is not a cryptocurrency, I don't want to confuse people however by calling it something else without explaining that first. Thanks for clarifying what you meant.