XRP/USDT Buy | S6W1 | Team Trading Contest Post for Crypto-Empires

Hello Steemians. I am happy to be performing my last trade for the first week of the trading competition. I have been engaged in four different trades since the beginning of this week and I will be posting about the fifth one today. The cryptocurrency that I have traded today is XRP (Ripple) and you will get to know about this coin in my article for today.

Ripple was initially founded in 2004 by Ryan Fugger as a payment protocol to make settlement of payments between two different parties that are involved in dealings. It was until 2012 before Ripple embarked stepping up into the blockchain space and then, it remained as OpenCoin. OpenCoin uses the source code of Ripplepay that built the new cryptocurrency project and in 2013 again, OpenCoin was renamed to Ripple Labs.

Ripple is a blockchain-based cryptocurrency on its payment protocol and it has the symbol XRP, this cryptocurrency is used for making payments on the blockchain and the consensus mechanism it uses is from bank-owned servers to confirm transactions within a few seconds. In contrary to Bitcoin mining, the consensus mechanism used in Ripple keeps its energy consumption level at a minimum as it's excessive in Bitcoin, and consensus is reached faster in some seconds in comparison to Bitcoin which takes longer (10mins).

Ripple started as a payment protocol that is very far from the blockchain technology from its beginning until it was acquired in 2012 as co-founded by Chris Larsen and Jed McCaleb. This cryptocurrency remains one of the relevant tokens in the crypto space despite a lawsuit filed in 2020 against the company for the illegal sale of some XRP tokens and these odds have not been able to pull the asset down.

XRP price is $0.7713 at the time I am writing my post and it is the number 6 cryptocurrency in the crypto space, and has a market capitalization of $36,497,226,097.52. The dominance of this cryptocurrency in the space at the moment is 2.05%.

XRP (Ripple) can be traded on Binance, Bitfinex, Bithump, Bitstamp, Huobi Global, FTX, Liquid, Krakan and many others.

100 billion of XRP was created in the beginning, 80 billion distributed to the company, and 20 billion to the co-founders. The purpose of this cryptocurrency is to provide instant settlement for payments, in this way, XRP is used for global payments and can be used to settle payment between two different currencies or commodities. Anytime payment exchange occurs between parties using the Ripple protocol, no matter what type of payment was sent, using a specific gateway allows the recipient to receive the payment in his desired currency. We can say no discrimination of currency on XRP protocol.

As one of the biggest cryptocurrencies, I am optimistic that XRP would grow more, and checking the market behavior of XRP today, I noticed it has been one of the gainers on several exchanges, an example is on Binance, its price has been bullish and I believe it would rise further. I am targeting the $0.7803 price level to gain from a long position on the XRP market.

My trade for XRP would still be based on technical analysis, though I have used the basics of fundamental analysis to see that the market of XRP is bullish. For me to get my levels right, I will use the price chart to see the behavior of the market before I make an entry.

In my practical analysis of the market XRPUSDT at the hourly time frame, the market is bullish, and looking at the chart, the 200 EMA and SAR indicators are under the price of the asset. At the current level of the market, SAR dots appeared at the top of the price which may be signaling reversal. I will switch to 5mins to see the chart better.

In my practical analysis on 5 mins above, I can see the 200 EMA and SAR dots below the price of XRP and this signaled continued bullish of the XRP market. I prepared my entry and marked other levels too. The long entry price is $0.7637, stop loss set at $0.7473 (support below my entry), and exit trade in profit is $0.7803 (a recent resistance). XRPUSDT Perpetual 10x leverage on Binance was used for the trade.

My trade is still running on Binance and I will upload the result sooner when the trade has closed. The trade has ended in loss and I can say the high volatility in the market caused it. My trade closed when the price hit my stop loss level and the loss is -0.23355 USDT.

Once again, I have based my trade on short-term especially when the market is volatile like this, I found a long opportunity to benefit in the XRP market. I recommend that everyone should find a good level in the XRP market to make their long or short position and they should try to use good stop loss and take profit levels because the market is volatile. Furthermore, XRP is worth holding for long term as its use case as a payment cryptocurrency is one of the best you would ever see in crypto space, a payment protocol with no discrimination, receive payment in any currency no matter the currency sent by the sender.

I have enjoyed a wonderful trading week in the academy, today makes it the fifth day of my trading activity and I am dropping its post. My trading started from the days 22, 23, 24, 25 till now, 26. I have made posts every day on the trades as the rules of participation stated. Once again, I love the trading discipline this competition has taught me. I hereby humbly present my entries to the team crypto-empires under professor @abdu.navi03.