Technical analysts have identified a rare market pattern for XRP, suggesting an unprecedented price movement may be approaching. According to detailed analyses of Bollinger Band indicators, XRP could be positioned for significant value appreciation, with historical data supporting the possibility of extraordinary returns.
XRP’s recent performance has shown notable weakness, with the digital asset experiencing a notable decline to around $0.51 over the past few days. This is down from its weekly peak of $0.5594, and the digital asset’s broader performance metrics indicate a 12% decrease from its two-month high. XRP has also stayed below the $1 level since December 2021.
Technical Analysis Insights
Two prominent cryptocurrency analysts have independently identified similar technical patterns that historically preceded major price movements for XRP. Random Crypto Pal (@RandomCryptoPal) and Steph (@Steph_iscrypto) have highlighted a compression pattern within the Bollinger Bands on monthly timeframes.
This phenomenon has occurred only twice in XRP’s trading history. Notably, analysts have been pointing to the tightening bands for some time, and this historical tightness could be a signal for a massive surge.
Historical Pattern Analysis
The previous instances of Bollinger Band compression occurred during the first quarters of 2017 and 2020, with each event preceding significant price appreciation. In 2017, XRP began the journey around $0.005372 in late February, and climbed over the next 11 months to its all-time high of $3.84 in January 2018, marking a substantial 71,381% increase.
In 2020, the digital asset began at $0.1151 in early March, and just over a year later, it hit a notable peak of $1.96, with a total increase of 1,602%. While this was not as large as the first, it was still a notable surge.
We are on twitter, follow us to connect with us :- @TimesTabloid1
— TimesTabloid (@TimesTabloid1) July 15, 2023
How High Can XRP Go?
The disparity between the 2017 and 2020 price movements can be partially attributed to regulatory circumstances. The 2020-2021 period coincided with Ripple’s legal turmoil. The company was in a legal battle with the U.S. Securities and Exchange Commission (SEC), and the lawsuit suppressed XRP’s price significantly.
However, the legal battle is now over, and a prominent crypto expert recently stated that this suppression is over. Despite the SEC’s appeal, he is convinced that the digital asset is now free to climb, and many prominent voices in the market share his belief.
Without price suppression, XRP could lean toward the larger surge from 2017. At press time, XRP was trading at $0.5028, and a 71,381% surge would send the digital asset to an astonishing $359.4.
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
The post Two Investors Spot Tight XRP Bollinger Bands With 71,000% Rally Potential appeared first on Times Tabloid.
