Analyst Shares Price Range to Trade XRP and Earn Profit.
An analyst points to a strategy that could yield considerable returns for traders following the recent XRP price trend.
Holding XRP in light of the current uncertainty in the market can be frustrating. However, according to X analyst Bitcoin Ape, following the trend and trading the XRP range will be more rewarding.
The professional market analyst provided a classic trade setup that traders could profit from despite XRP’s price range. The analyst noted that the XRPL native token has been swinging between $0.43 support and $0.72 major resistance for almost a year.
To make the most of the XRP’s underwhelming price movement, Bitcoin Ape has suggested trading the range until the token breaks out. His trading strategy involves opening a long position at the $0.43 support zone and taking a profit when XRP nears the resistance at the $0.72 upper range.
The strategy has Bitcoin Ape’s open position up 40% at the time of his X tweet. XRP traded at $0.5665 when the analyst tweeted the strategy and was trading at $0.5671 at press time, signaling further gains on the position.
This short-term strategy of profiting from XRP’s range would be invalidated when the token breaks above or below the resistance or support areas, respectively.
Wen Breakout?
The global crypto market has failed to impress recently, with Bitcoin struggling to break above $60,000. A reduced inflow from the asset’s US spot exchange-traded funds (ETFs) and other unfavorable macroeconomics have seen the asset and the broader cryptocurrency market struggle.
However, the XRPL network has seen a significant boost in recent times. The ecosystem has just emerged from a notable win against the US Securities and Exchange Commission (SEC) after an August 7 ruling concluded that XRP was not a security.
Since then, Ripple announced a strategic partnership with the SBI Digital Community to promote XRPL, and buzz around stablecoin RLUSD has gained momentum.
Recent whale activity on the XRPL network also shows notable asset accumulation, as a new address accumulated over 104 million XRP. All these indicators point to a possible price breakout soon enough.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
