Ripple XRP It has been searching for a catalyst for some time to boost its price. Analysts expect the XRP to increase in value over the coming months thanks to updates made to the XPR Ledger. Recently, the token’s price has fluctuated a lot due to market fluctuations and regulations.
Analysts predict a massive surge in Ripple’s XRP soon. Recent research suggests that Ripple XRP will experience a huge surge in value sooner than later. analysis Matt Hughes of the crypto market, shared that the Bollinger Bands on the monthly chart for XRP have been tightened up to levels not seen since 2017. These levels have led to a massive rally of the token price.
Bollinger bands continue to squeeze RippleXRP. Is there a rapid-fire price surge coming?
Bollinger Bands can be used as a measure of volatility to gauge market conditions. Recently, the bands of XRP are gradually getting smaller month by month. The distance between upper and lower band narrows when volatility is low, often leading to a sudden price change. Hughes believes that “This will only end one way,” Insinuating that Ripple’s XRP token will experience a rapid rise.
Between the Bollinger Bands’ tightening in early 2017, and its highest point a year after, XRP grew by more than 75,000%. This is the top-performing cryptocurrency of this period. King Coin Bitcoin was also profitable in that same time frame.
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XRP trades at $0.5383 and is up by 2.36 percent in the last day. The token’s price has fallen 9% over the last one month and by 5% during the last week. Despite the US SEC’s victory, XRP is still under market pressure. The price of the token has been fluctuating between $0.50 to $0.55. Trading volume has risen by 62.72% over the past day, but it does not appear traders have given up on XRP. Investors searched for momentum that would catalyze XRP’s price up to $0.60.
Bollinger’s bands are continuing to tighten. Perhaps they will generate enough pressure that prices rise back above $0.60. Coincodex has predicted that the price will be above $0.60 by the month’s end.
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Source: watcher.guru