Renowned Bitcoin trader and crypto analyst Tony “The Bull” (@tonythebullBTC) recently shared his optimistic outlook on XRP, supported by a thorough analysis of the monthly XRP chart, specifically focusing on the Bollinger Bands indicators.
In a recent post, Tony listed three signals hinting at an XRP price breakout, saying it is challenging not to be bullish on XRP. These points are:
- The Bollinger Band’s Width is at the second tightest level ever recorded.
- The Bollinger %B is above 0.5, which suggests bullish price action.
- XRP’s price could potentially pass the upper Bollinger Band. He sees XRP closing above this level as a breakout buy signal.
I find it challenging not to be bullish on $XRP just glancing at this
––BBW is the second tightest ever
–– %B is above 0.5 suggesting bullish price action
–– Price poked out of the upper Bollinger Band – closing above it is a breakout buy signal pic.twitter.com/H2qW6SuNJw
— Tony "The Bull" (@tonythebullBTC) November 15, 2023
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Signs of an Impending Breakout
Tony emphasized the significance of the BBW, pinpointing a current reading of 0.85, marking the second tightest level ever recorded. A tight BBW suggests reduced market volatility, hinting at a potential consolidation period or an impending surge for XRP.
Historically, such low BBW levels have preceded periods of low volatility followed by substantial price rallies. The last instance of similar BBW levels occurred in October 2020, leading to XRP’s impressive rally and reaching a high of $1.96 in April 2021.
The chart also shows that the tightest BBW in XRP’s history was recorded just before the surge of the digital asset to its all-time high in January 2018.
Additionally, Tony emphasized the Bollinger Bands %B, noting its value above 0.5 indicates bullish price action. Currently standing at 0.91, the %B has crossed above 0.5 for the first time since November 2020.
Historical data aligns with this pattern, as the last crossover in 2020 marked the beginning of a rally that saw XRP reach $1.96 five months later. The recent uptick in %B, after remaining below 0.5 since April 2022, suggests a potential shift in market sentiment.
We are on twitter, follow us to connect with us :- @TimesTabloid1
— TimesTabloid (@TimesTabloid1) July 15, 2023
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Crucial to Tony’s analysis is the observation that XRP’s price is nearing the upper Bollinger Band. The chart shows the upper Bollinger Band is at $0.67573. At the time of Tony’s analysis, XRP was trading at $0.63741, and it is currently at $0.6122, down 5.12% in 24 hours.
Tony anticipates that closing above this upper band would trigger a breakout buy signal, signaling a long-anticipated shift in the market. Historical data indicates that such breakouts often mark pivotal turning points in XRP’s price trajectory.
Many in the crypto community are bullish on XRP, and this extends to AI tools too. ChatGPT, the most popular Large Language Model (LLM) in the world, expects XRP to reach $1 before the end of 2023.
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