An XRP trader targets a price move towards $0.85, claiming that Ripple is on the “verge of something big” with the price action over the past few weeks being lackluster. The token was still trading down over 90% from its all-time high while failing to garner more widespread adoption so let’s read more in our latest Ripple price news.
The token’s close ties to the fintech company Ripple was not so great for the performance of the coin this time. On the one hand, the 2017 rally was fueled with hopes about Ripple’s xRapid product but on the other hand, the intense decline and inability to rally came about due to the company’s pattern of selling the token every quarter with the inability to bolster the adoption for the token. Despite its multi-year consolidation phase in the $0.20 region, XRP started showing signs of improvement as it was trying to break out of the trading range that was prolonged for quite some time. a firm breakout here could help the coin gather significant gains in the upcoming days and weeks ahead. The XRP trader targets a price movement towards $0.85 as there’s a strong uptrend that could initiate a new parabolic trend.
At the time of writing, XRP was trading down by over 4% of its current price of $0.29 which marks a huge decline in the daily highs of $0.31 that were set along with Bitcoin’s break above $18,000 last night. The sharp decline that was seen by both BTC and ETH from these highs was responsible for the XRP’s inability to hold the upper boundary from the channel formed at $0.30. XRP flipped the $0.28 level into support and now has the chance to hold above this level that could change the entire near-term outlook. One trader thinks that the latest push higher will be the start of Ripple’s next parabolic trend.
The trader noted that it could take some time to confirm that the move is imminent and it needs to close the weekly candle above the $0.135 level for this to happen:
“XRP is really on the verge of something big here. Looking for weekly close over $0.315. Measured move on the ihs is somewhere in the 50-85 cents range.”
The next few days could start offering some more insight into whether this is a real possibility for the XRP Token.
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