Technical indicators for XRP are causing optimism among investors. A recent analysis by The Great Mattsby (@matthughes13), a respected technical analyst, highlights a noteworthy pattern in XRP’s Bollinger Band readings.
Bollinger Bands is a technical analysis tool that utilizes volatility to create a price channel around an asset’s moving average. When the bands narrow, it signifies reduced volatility, often occurring during consolidation periods where price movements are contained. Conversely, widening bands indicate heightened volatility.
Read Also: XRP Poised for $13-$17? Analyst Makes Valid Points With Historical Precedents
The Great Mattsby (@matthughes13) identified a significant tightening of XRP’s Bollinger Bands on the monthly timeframe, coinciding with the current consolidation phase. This compression is considered one of the tightest in XRP’s history, mirroring a similar pattern observed in February 2017.
Historical Precedent and Bullish Targets
The February 2017 squeeze preceded a remarkable surge in XRP’s price. The Great Mattsby pointed out that in the following year, XRP rallied by over 60,000%, reaching its all-time high of $3.84 in January 2018. This historical precedent fuels speculation of a potential price explosion for XRP soon.
Several analysts are optimistic based on various technical indicators. Good Morning Crypto (@AbsGMCrypto), another prominent crypto analyst on X, recently highlighted the same Bollinger Bands squeeze, predicting a surge with an upper target of $17.1.
Another crypto analyst EGRAG CRYPTO (@egragcrypto) also set the $17 target for XRP based on a unique Bent Fork pattern.
We are on twitter, follow us to connect with us :- @TimesTabloid1
— TimesTabloid (@TimesTabloid1) July 15, 2023
Read Also: This Rare Indicator Is Bullish On XRP
Optimism Amidst Market Downturn
It’s important to acknowledge the broader market context. XRP has not been immune to the prevailing bearish sentiment, experiencing a 40% decline from its 2024 peak of almost $0.75 in March. This downturn reflects the recent slump in Bitcoin’s price, triggered by selling pressure from the German government and Mt. Gox.
This underperformance drew the attention of Ripple’s Chief Technology Officer (CTO) David Schwartz. Despite a minor recovery this week, the overall momentum remains bearish.
At the time of press, XRP is trading at $0.4979, up 10% over the past 24 hours. While historical price movements don’t always guarantee future outcomes, the current pattern warrants attention.
The Great Mattsby did not provide a specific target, but if XRP recreates the 60,000% surge from its current price, the digital asset could climb to $268.7, surpassing the expectations of most investors and analysts.
Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.
Follow us on Twitter, Facebook, Telegram, and Google News
