Ripple Price GBP Analysis-

The bulls made several attempts to break and sustain the price above the downtrend line but the bears did not relent. Hence, our buy suggested in the previous analysis did not trigger.

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MARCH BLOGS

RIPPLE PRICE GBP – HOW TO TRADE XRP/GBP 8TH MARCH 2022 – UPDATED CONTENT

A minor positive is that the bulls are accumulating on dips to the 50-day SMA. Both moving averages have flattened out and the RSI is near the midpoint. This suggests a balance between supply and demand.

The bulls will again try to push and sustain the price above the downtrend line. If they succeed, the XRP/GBP pair could rise to £0.60 and then attempt a rally to the overhead resistance at £0.67.

Short-term traders may attempt to ride this move higher after the price decisively closes above the downtrend line.

This short-term bullish view will invalidate if the price turns down and breaks below £0.50. That could open the doors for a possible retest of the support at £0.46.

HOW TO TRADE XRP/GBP

When trading any crypto and fiat currency pair, traders must have a thorough understanding of both currencies. One such commonly traded crypto and fiat currencies are the XRP/GBP pair. As the leading and widely traded cryptocurrency, XRP (Ripple) plays a pivotal role in facilitating cross-border transactions. The crypto is traded on many exchanges, but if you don’t have sufficient experience of trading XRP against GBP, then things can go wrong for you.

THE IMPORTANCE OF XRP/GBP

As far as XRP/GBP trading pair is concerned, it pairs XRP, Ripple’s native token, with UK’s fiat currency Sterling or GBP. XRP happens to be the 3rd largest crypto asset by market cap, whereas GBP is the 4th most traded global fiat currency. But XRP, when viewed in terms of the wider crypto market, is way more volatile in comparison to the GBP. Ripple (XRP) is essentially a platform that runs on blockchain technology and has three main pillars, including a currency, payment settlement, as well as exchange for digital assets.

Cryptocurrencies like XRP still record an average price movement of 4-8% daily. On the other hand, major traditional currencies, like the GBP, experience average volatility of around 0.4% daily. Thus, trading the XRP/GBP pair is more related to the swing in the price of the XRP than GBP.

TRADING XRP/GBP

Like many other leading crypto assets, Ripple offers excellent money-making opportunities. The crypto is traded in over 100 markets as well as financial exchanges worldwide. However, before trading XRP, you must learn more about cryptocurrency. Once you have garnered much information about what impacts the price of XRP, you need to create a trading account on a reputed crypto/fiat exchange to be able to buy and sell XRP and GBP.

Also, note that trading crypto with fiat currency is much different when compared to trading fiat currencies. There is a major difference in the volatility of the crypto market, as well as the fiat forex market.

Thus, to trade the pair successfully, traders must familiarize themselves with both XRP, as well as the Ripple platform. They also need to assess the factors that impact fiat currencies, specifically GBP. It must be noted that XRP’s volatility dropped significantly during 2018, particularly beyond the 3rd quarter. During early 2018, XRP’s volatility on an average was over two times of Bitcoin, as well as Ether.

CONCLUSION

So, if you are looking to open an XRP/GBP trade position, then you must focus on XRP’s price direction while minimal consideration must be given to GBP. Also, one of the main drivers of XRP, aside from the general sentiment about the crypto market, is the token’s volatility. Currently, the blockchain-based platform is gaining much traction and has been adopted by several financial services, as well as banking partners. This implies that when the volatility drops, an increased number of people will begin using XRP, pushing its price up.

Hopefully, you have enjoyed today’s article. Thanks for reading! Have a fantastic day! Live from the Platinum Crypto Trading Floor.

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