Did you ever consider investing in alternative cryptocurrencies other than Bitcoin? If the answer is yes, look no further. The best Ripple trading strategy can make you millions by trading one of the fastest-growing cryptocurrencies.
At the end of 2017 and the start of 2018, the surge in the price of Ripple was the hottest topic in the crypto community. Ripple price has blown up from under $0.02 to over $3 in less than a year. It has increased by 1,400% over the last month alone.
Before we show you a profitable way for day trading XRP ripple, we recommend familiarizing yourself with cryptocurrency. Our team at TSG has put together the best cryptocurrency guide for beginners. The guide helps anyone get started trading Bitcoin and other cryptocurrencies.
This course will guide you on the fundamentals of blockchain technology.
The first logical question that must be on your mind is, what is Ripple? Why should you be interested in buying Ripple?
Ripple cryptocurrency value has skyrocketed and it’s on everybody’s mind. At one point, Ripple surpassed Ethereum and became the second cryptocurrency in terms of market capital. You can also trade with the winning news trading strategy.
What Is Ripple Coin (XRP)?
Ripple is a cryptocurrency based on a private blockchain that’s permission-based and centralized. It has drawn a lot of criticism from the blockchain evangelists. This is because it’s the opposite of Bitcoin blockchain, which is public and decentralized.
Ripple technology is trying to securely and instantly provide an almost free global financial transaction channel.
So, why is Ripple such a great cryptocurrency?
Ripple is trying to solve an age-old banking problem. If you think about it in the system we use today we do a lot of international currency transfers which takes a very long time for these transfers to take place. So, Ripple is trying to update that system and make it faster and more secure.
We believe that Ripple cryptocurrency has a very useful place in the market as it’s servicing a huge need.
Even though Ripple coin is different than Bitcoin, one of the Ripple’s advantages is that it has fast confirmation. This means near real-time and instant confirmation of transactions. Plus, Ripple cryptocurrency is extremely cheap. You can also read about budgeting in forex for better trading.
So, where is the best place to buy Ripple?
That is going to be the topic we want to focus next, now that we learn how valuable Ripple can be.
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The Best Places to Buy Ripple
Before you even start day trading XRP Ripple we need to figure out what is the best place to buy Ripple. In this section, we’re going to teach you how to get your hands on some Ripple before it gets to the moon again.
First, we need to establish that you have two options to buy Ripple:
- Using fiat money like US dollars, Euros, Yen etc.
- Using other cryptocurrencies, generally only Bitcoin (BTC) or Ethereum (ETH).
Top Exchanges to Buy Ripple Right Now:
The best ways to buy ripple are through cryptocurrency exchanges. Below is a list of the most reputable, trustworthy Ripple exchanges on the market. After you buy, you have the option to store your XRP tokens in the exchange itself or transfer them to a secure wallet.
#1 Binance – They are known for their strong team, proven products, superior technology, and industry resources. They have a solid relationship with industry leaders and are capable or 1,400,000 orders per second which by far makes them the fastest exchange in the market today.
If you have no cryptocurrency whatsoever, or if you don’t have Bitcoin or Ethereum or other alternative coins, your only option is to use your fiat money from your bank account or debit/credit card to buy cryptocurrency Ripple.
Note* – We highly recommend to do your own due diligence because we’re not endorsing any of these cryptocurrency exchanges.
The best place to buy Ripple with cryptocurrency is Binance, Bittrex or Poloniex which are ranked as the top three exchanges in terms of volume. You still need to first purchase Bitcoin or Ethereum so, if you’re completely new this is kind of your entry portal to Ripple.
The first step is to buy with US dollars, any amount of Bitcoin. Then you can transfer those Bitcoins to Binance, one of the largest cryptocurrency exchanges. Once you’re on Binance you can use your bitcoin to then buy some Ripple coins.
Moving forward, we’re going to outline a simple Ripple trading strategy that is based purely on price. No indicators are required for this strategy. We have already developed a step by step guide into the price action that we believe will be useful in day trading XRP Ripple.
Day trading XRP Ripple with Naked Charts
For our Bitcoin trading strategy we used some particular trading tactics but for day trading XRP Ripple we need to deploy different trade tactics. This is because Ripple’s price action has its own personality.
Our TSG team has discovered through careful examination and backtesting, that Ripple has the tendency to bottom on up during specific times of the day. Moving forward you’ll learn what the best time to day trade XRP Ripple is.
Step #1 Divide your 5-Minute Chart by Trading Sessions
Since we’re using a strategy only for day trading Ripple, we need to make use of intraday charts. The ideal time frame to implement our Ripple strategy is the 5-minute chart. Also, read the simple way of trading multiple time frames in forex.
The 15-minute chart will give us a better view of the overall price action and on the Ripple intraday trend.
Most cryptocurrency trading platforms can do this automatically and place a vertical line at the start of a new trading day. By doing this we can better visualize where the opening daily price is for each new trading session.
This brings us to Step #2.
Step #2 If we’re on an Up-Day, Mark on your Chart the Time Window between 9 – 10 GMT Time
As we mentioned earlier we have found out through backtesting that the best time to buy Ripple is between 9 – 10 GMT. However, that’s only half of the equation because our statistics also show that the best time to buy Ripple is in the up days.
What do we mean by this?
We want to buy Ripple between 9 AM and 10 AM GMT. Ripple is trading above the opening price.
Our Ripple strategy is very intuitive!
If we buy Ripple above the opening price, it means that we’re buying in the direction of the prevailing trend. Essentially, this is a trend following strategy deployed on intraday trends.
Step #3 Buy anywhere between the 9 – 10 GMT Time Window
From 9 to 10 GMT we have our window of buying opportunity. This time window also coincides with the London open and it’s the time when many cryptocurrency traders step into the market.
Now, depending on your trading skills and your experience you can fine-tune your entry point within this time window.
The next logical step to establish is where to hide our protective stop loss.
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Step #4 When day trading XRP Ripple hide your SL below the Opening Price
It’s quite intuitive why the logical place to hide your protective stop loss is below the opening price. Any deep below Ripple opening price will alter the bullish sentiment.
A sell-off below the opening price indicates that the buyers are weak and maybe we’re better off trying to buy Ripple on another day.
In order to make profit trading Ripple, we also need a strategy to get out of our position.
We’re also proposing an unorthodox way when it comes to the take profit strategy, which brings us to the next step.
Step #5 Take profit once the Price Travels the Same Price Distance it did from the opening price until 9 AM GMT
We’re going to suggest the best way to take profit on Ripple.
For an easy understanding of our Ripple take profit strategy we’re going to break down the strategy in two parts:
- First, measure the price distance from the opening price to the high established between 9 to 10 AM GMT.
- Second, project the same price distance to the upside measured from the low established between the 9 – 10 GMT window.
The same trading concept has been used multiple times in our various trading strategies. We recommend taking this approach because it incorporates the dynamics of the price rather than an arbitrary price on your chart.
Conclusion – Ripple Trading Strategy
It is said that Ripple has the potential to disrupt the SWIFT system for sending large amounts of money to different countries. Ripple doesn’t have much competition in this space and they have the right infrastructure to be the next Bitcoin. You can also read our best short-term trading strategy.
We’re still in the early stage of massive adoption so, the best approach is today trading XRP Ripple for the time being. Our Ripple trading strategy will allow you to take advantage and profit from trading the most exciting cryptocurrency in 2018. Don’t forget to read the latest article on the best cryptocurrencies to invest in 2019.
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