XRP price GBP traders who purchased on our recommendation given in the previous analysis are at a marginal loss. They can close half of the position at the current levels and keep the rest with a stop-loss below £0.15.
The bulls pushed the price above the 20-day EMA on January 19 but could not sustain the higher level.
XRP PRICE GBP – HOW TO TRADE XRP/GBP 26TH JANUARY 2021 - UPDATED CONTENT
CRYPTOCURRENCY TECHNICAL ANALYSIS – HOW TO TRADE XRP price GBP
XRP price GBP shows traders are selling on every minor rally. The price has been trading below the 20-day EMA for the past few days, which shows a lack of interest among the bulls to buy at these levels.
XRP price GBP could now gradually drop to £0.15, which is a critical support to watch out for. If this support breaks down, the XRP/GBP pair could drop to £0.12899. A break below this support could resume the downtrend.
The downsloping moving averages and the RSI in the negative zone suggest bears have the upper hand.
Contrary to this assumption, if the price turns up from the current levels and rises above the 20-day EMA, the pair could rise to £0.24211 and then to £0.27916.
XRP PRICE GBP – HOW TO TRADE XRP/GBP 19TH JANUARY 2021
XRP price GBP has been on a bumpy ride as of late with another tier-one exchange Kraken to delist XRP.
As it has been widely reported a recent lawsuit having been filed by the US Securities and Exchange Commission, against XRP custodian Ripple, it’s CEO Brad Garlinghouse and President Chris Larsen.
The SEC claims the sale of XRP amounted to a violation of federal securities law.
CRYPTOCURRENCY TECHNICAL ANALYSIS – HOW TO TRADE XRP/GBP
Traders hate uncertainty and that is one of the main reasons why XRP has been languishing near its yearly lows when most major cryptocurrencies are trading near their 52-week highs.
The XRP/GBP pair had been trading below the 20-day EMA for the past few days but the bears were not able to pull the price down to the £0.15 support. This shows that traders are not aggressively selling near the lows.
If the bulls can sustain the price above the 20-day EMA, the pair could rise to £0.30. Traders can consider buying at the current levels with a stop-loss at £0.14. However, as this is a low conviction trade, keep the position size about 50% of usual.
If the bulls can push the price above £0.30 and the 50-day SMA, the pair could pick up momentum and rally to £0.45.
This positive view will invalidate if the pair turns down from the current levels and plummets below £0.15. Such a move could resume the downtrend, with the next target objective at £0.10.
XRP PRICE GBP – HOW TO TRADE XRP/GBP 12TH JANUARY 2021
When trading Xrp price GBP and 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.
In this article, learn more about XRP Price GBP currency and how to trade the XRP/GBP pair.
what to understand about trading this pair
As far as Xrp price 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 and 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.
Xrp/GBP key technical points
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.
CRYPTOCURRENCY TECHNICAL ANALYSIS – HOW TO TRADE XRP/GBP
The bulls pushed the price above the 20-day EMA on January 7, which was the first indication that the selling may have exhausted. The bulls sustained the price above the 20-day EMA till January 10 but could not launch the next leg of the up-move to £0.20.
That attracted profit booking from traders who may have purchased near the lows. The Xrp price GBP pair dipped below the 20-day EMA on January 12 but the long tail on the day’s candlestick suggests buying at lower levels.
Today, the bulls are attempting to push the price back above the 20-day EMA. If they succeed, the Xrp price GBP may rise to £0.30. If the Xrp price GBP turns down from this overhead resistance, the pair may remain range-bound for a few more days.
The flat moving averages and the RSI just below the midpoint indicates a balance between supply and demand. The longer the time spent in the range, the stronger will be the eventual breakout from it.
If the bulls can drive the price above £0.30, it will open up the possibility for a rally to £0.45. On the other hand, a break below £0.15 may resume the downtrend.
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