Ripple Rally Incoming as Analyst Says XRP’s in Best Position Since 2017
Ripple XRP has been looking for a catalyst to pump its price for some time now. Analysts are bullish on the XRP asset to rise in the coming months, thanks to multiple updates on the XPR Ledger. The token has seen high volatility recently, with its price affected by regulations and market trends.
One analyst is predicting a huge surge for Ripple XRP sooner than later. According to a recent analysis shared by crypto market expert Matt Hughes, the Bollinger Bands for XRP on the monthly chart have tightened to levels unseen since 2017. One should note that these levels led to an explosive rally in the token’s price.
Bollinger Bands Continue to Squeeze Ripple XRP: Is a Rapid-Fire Price Surge Coming?
The Bollinger Bands are a volatility indicator used to assess market conditions. The bands for XRP have been gradually squeezing month after month recently. When the distance between the upper and lower bands narrows, it suggests a phase of low volatility, which is often followed by a sharp price movement. Hughes thus believes that “This will only end one way,” insinuating a sharp upward climb for Ripple’s XRP token.
From the time the Bollinger Bands tightened in early 2017 to its all-time high a year later, XRP surged by over 75,000%. It is one of the best-performing cryptocurrencies of that period, as profitable as King Coin Bitcoin in the same stretch.
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XRP is trading at $0.5383, up 2.36% in the last 24 hours. The token is down 5% in the last seven days and 9% in the last month. Despite its grand win against the US SEC, XRP has failed to shed market pressure and is gradually swaying back and forth between the $0.50-$0.55 price range. However, it doesn’t appear that traders are giving up on the asset, with trading volume surging 62.72% in the last day. Investors have searched effortlessly for momentum to catalyze XRP’s price back up towards $0.60.
As the Bollinger bands continue to tighten, perhaps they will create enough pressure to shoot prices back up above $0.60 and beyond. Coincodex is currently predicting above that mark, aiming for the $0.63 price mark by the end of this month.