This week was quite the chaotic one for Ripple and the XRP cryptocurrency. Many significant events happened, thus increasing volatility. In the world of finance, whenever volatility increases, investors should switch from long-term holding to short-term trading. That was exactly the case for XRP, which despite a recent pump-and-dump, managed to stay up 50% in the past week. Let’s review the recent events that happened, and see where we are today for XRP prices.
XRP Rollercoaster – The story so far
Since last week, Ripple company officially released a response to the SEC and made it public. This news directly came to Wallstreetbet’s attention who decided to pump prices, making a significant 100% within 24 hours. This price pump failed to keep steady as many traders started to take their profits and close their positions, thus prices crumbling back to the current level of USD 0.43 cents, just as predicted in our last article:
BUT, if profit-taking starts to happen around that USD 0.75 price area (which is most likely since most traders bought the very dip), it is likely that prices will adjust down to USD 0.4 levels, the area just before the lawsuit was announced. Buying now in the middle of a strong uptrend is a bit risky as volatility is very high, that’s why it’s always better to actively trade during these times, follow the trend and be proactive.
Cryptoticker’s previous article
XRP Price Prediction – What’s next for XRP?
If we disregard the recent pump-and-dump, we can still notice a clear healthy uptrend for XRP. Prices dropped significantly after the lawsuit and looking back at the current events, it looks like that price crash was not entirely justified. XRP has been under-valued around USD 0.20 cents while the whole cryptocurrency market was seen making new highs. There is no reason for XRP not to continue its healthy uptrend, and reach a price of USD 0.50 as a psychological price target, then USD 0.60 which represented a strong resistance area.
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Rudy Fares
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Disclaimer: The authors of this website may have invested in crypto currencies themselves. They are not financial advisors and only express their opinions. Anyone considering investing in crypto currencies should be well informed about these high-risk assets.
Trading with financial products, especially with CFDs involves a high level of risk and is therefore not suitable for security-conscious investors. CFDs are complex instruments and carry a high risk of losing money quickly through leverage. Be aware that most private Investors lose money, if they decide to trade CFDs. Any type of trading and speculation in financial products that can produce an unusually high return is also associated with increased risk to lose money. Note that past gains are no guarantee of positive results in the future.
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