What to do about Ripple
I have discussed my thoughts, confusions and concerns with Ripple. I invested early as I liked the idea but exited with a good margin after parabolic moves against seemingly little news. This felt like an unhealthy pump, as opposed to what is happening this week with Ethereum.
Looking at the charts, you can see that Ripple has retraced down nearly 40%, and now having broken support could fall further.
I think multiple factors are affecting the price:
- Natural price retracing after a pump
- Profit taking
- Money moving into Bitcoin and Ethereum from Ripple
I have mentioned before that I look for patterns. Historically there was a see-saw relationship between Bitcoin and Ethereum when BTC was up; ETH was down and vice versa. Since Ripple made it's a move, I have noticed that the coins tend to move in pairs. Right now Bitcoin and Ethereum are moving up, while Ripple is dropping.
What does this mean for my Portfolio, well I am considering making another small move into Ripple when I think it has bottomed out. I am researching as much as I can to try to understand the fundamentals of Ripple. I will keep you updated as to what I do here.