Ripple is a bit different from other cryptocurrencies because it has a centralized system, opposing all the other cryptocurrencies. It has more rules a more complicated trading system.
The best traidng strategy for Ripple is the Day trading strategy because Ripple is still not yet well established so that we cannot really forecast accurately its future fluctualtions which make it better to trade for the day. The Day Trading technc has five main steps which are the following:
For a one day Ripple trading, we need to rely on the intraday graphs. The best time period to control our Ripple strategy is the 5 min graph. Then, the 15 min chart will give us will provide us with a clearer idea about the overall price movement of the Ripple over the day.
A big percentage of trading plateforms would do this in an automatic way and start a vertical line at the start of the new trading day. This help in comparing the opening price of different days.
As said before, relying on backsetting, we came to the conclusion that buyng Ripple is best in the time period beteen 9 to 10 GMT time. Then, we do not have to neglectthe other part of the equation which says that buying Ripple is best during the day where its value is hight. Therefore the perfect timing to buy is between 9 to 10 GMT time when the price is higher than the oppening price. Buying above the start price leads to buying in the most probable trend direction.
Our buying opportunity period is as sais before from 9 to 10 GMT. This time is the same time where London markets start also and the time where many crypto traders step into the market. Then depending on your expertise, you need to find the best timing to make your purchace. After comes the timeof thinkg about the stop loss that help you avoid crazy, dangerous losses.
The reason why you should place your stop loss right under strat price, is to keep a margin for price fluctuation, but avoid the bearish feeling. Selling bellow the start price gives a hint about the weakness of the buyers. It is better to forget about buying that day. For trading Ripple to be profiable, the trader must always keep in mind an emmergancy strategy to get out of the worst situations.
The easiest way to gain on traiding Ripple is a process coposed of 2 steps:
First: start by caculating the lenght from the start price to the increase realized buy 10 AM GMT
Second: Forecast a tracing of the same lengh up, calculated from the decrease settled between 9 to 10 AM GMT time frame. At that point, is the perfect timing to sell.