The only direction XRP is moving this month is north, making investors’ portfolios turn green. The leading altcoin is up nearly 9% on Thursday, as CoinMarketCap reveals, attracting heavy bullish sentiments in the indices. Its price touched a daily high of $3.18 and is gearing up for another rally. If it soars further in the charts, almost all investors could break even while the others remain in profit.
The momentum for XRP remains positive, with its 24-hour trading volume touching a high of $9.1 billion. The trading volume a month ago was only at $2.8 billion, but skyrocketed 225% in less than 30 days. The surge comes after bulls took $3 call strike options on XRP, predicting a price rise. The options are among the driving forces for Ripple’s native token sustaining above the $3 level.
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Should You Buy XRP Now or Book Profits?
It is advised not to take a fresh entry position into XRP at this level, as the price might have peaked. The call strike options will end in September, and most of the traders have reached their target. The question now is whether they will hold on to the options till it reaches $3.50 to $4 and generate more profits or sell after the ongoing gains. The options are set to expire by the end of September, and the price could eventually dip during that period.
Also Read: Your $1K In Ripple (XRP) Could Explode—If It Hits $5 Or $10
Chances are that traders could initiate a sell-off and make way with whatever profits they’ve made. The cryptocurrency market is volatile, and a rise from $3.18 to $4 might not come easily. If the sell-off is initiated, the next resistance level for XRP is at the $3 range. If it fails to hold on to its resistance level, the downside target is at $2.90 to $2.80. Taking an entry position at these points is beneficial as traders get to scoop it at its dips.
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