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Analysis

XRP sets itself up for a short-term 5% to 8% bounce

Akash Girimath

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XRP sets itself up for a short-term 5% to 8% bounce
Source: Unsplash

XRP, the third-largest crypto has had its downs more than ups; things have started to change for XRP, but the future looks slightly less gloomy. Especially with a tiny surge on the horizon.

4-Hour Chart

XRP sets itself up for a short-term 5% to 8% bounce

Source: XRP/USD TradingView

XRP’price successfully completed a reversal pattern [triple bottom] and surged by 15% reaching $0.22. This pump for XRP arrived after reaching a low of $0.17 on December 18, 2019; this level was last seen in September 2017.

The chart for XRP shows the completion of the falling wedge [a bullish pattern]; the breakout will take the price to two possible targets, depending on how the bulls steer the breakout. The first stop would be a 4% pump to $0.2096 and the second target would be $0.22 [9% pump].

Conclusion

The short-term target for XRP includes a 5% pump to $0.20 to $0.21, followed by a pump up to $0.22. Any further surge depends solely on the momentum of the buyers and is unlikely.

Akash is a full-time cryptocurrency writer and an analyst at AMBCrypto. He is an engineering graduate with an avid interest in finance and economics. Attracted to the chaos of trading, Akash has invested in BTC, ETH and XRP for educational purposes.

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