Ripple’s native token XRP is trading at the $1.35 range on Thursday and remains rangebound in the charts. The leading altcoin is trading sideways this month with little to no price action. A leading cryptocurrency analyst on TradingView highlighted a quick swing trading method to earn approximately 8% profit in XRP.
The analyst shared a chart indicating that XRP is on the verge of a “strong impulsive bounce from the local low.” The ongoing correction is “a healthy pullback,” he explained, adding that the price stagnation is acting as a consolidation phase due to massive accumulation from traders.
Also Read: Goldman Sachs Sells Its XRP And Solana ETFs: Why?
XRP on Path To Reach $1.45 Next
The cryptocurrency analyst urged traders to accumulate XRP at this level and hold on till it reaches the price target of $1.45, which he predicts will be the altcoin’s next stop before facing another correction. Once Ripple’s native token hits $1.45, the token could see a pullback to the $1.40 range.
“I am anticipating a deeper pullback into the $1.40000 psychological support area,” he wrote. Even at $1.35, XRP is at a discounted price, and traders need to make the most out of this, said the analyst. “Once the demand zone is successfully retested and confirmed with bullish price action, the runway is clear for a sharp rally back up to the $1.45 – $1.46,” he wrote.
“XRP is giving us a textbook range-bound setup. Let the price come to you. A successful bounce from the lower boundary offers an excellent Risk-to-Reward (RR) ratio,” wrote the analyst in his final verdict. If the price prediction turns out to be accurate, an investment of $1,000 could turn into $1,080. That’s an uptick and return on investment (ROI) of approximately 8% from its current value of $1.35.
Also, the analyst warned that XRP could head south after reaching $1.45; therefore, it is suggested to sell when it reaches the target. Swing trading requires a strong and disciplined mindset to make a profit, with no thinking twice about a goal.
Credit: Source link