XRP’s price has been moving on a seesaw for a month, trading between the $2.80 and $3 price range. The Ripple’s native token has climbed to the $3 level twice in September, every time it fell to the $2.80 range. The price trajectory could repeat as the altcoin is now at the $2.85 level.
Taking an entry position now with an investment of $1,000 could allow traders to accumulate 350 XRP tokens. Even during the dips, the leading altcoin is receiving heavy buying sentiments from whales and retail traders. Its daily trading volume has remained steady above $3.5 trillion for a month.
Also Read: XRP Price Surge: Could 100 XRP a Month Make You a Millionaire by 2030?
The development indices indicate that the altcoin is brimming with activity, with traders buying and selling the token. Therefore, chances remain high that XRP could climb above the $3 mark again in the coming weeks. The trading pattern to buy the altcoin at $2.85 and sell it at $3 comes under ‘Swing Trading’.
Investors who aim to make quick profits by setting a target and selling when it is reaches, fall under the swing trading category. Buying now and staying focused to press the sell button at $3 would bring profits close to 8%. Therefore, an investment of $1,000 could turn into $1,080 when it reclaims the $3 mark.
Swing Trading With XRP
Ripple’s native token XRP is among the best assets to indulge in swing trading currently, as its price is facing volatility. This allows investors to make better decisions as the price volatility would be wider. Apart from XRP, swing trading with Bitcoin, Ethereum, Binance coin, and Solana can be considered.
Nonetheless, it is always advised to keep stop losses for XRP if things don’t turn out right. The cryptocurrency market is subject to dynamic changes, and without stop losses, traders can lose a considerable amount of money.