Steph Is Crypto (@Steph_iscrypto), a well-known crypto analyst, recently highlighted a significant development in XRP’s technical setup, pointing to an extreme tightening of its Bollinger Bands on the 12-hour chart.
The chart shared by Steph has sparked speculation about the possibility of a substantial price move. This event also occurred following the digital asset’s 490% surge from around $0.5 in November to over $2.41.
#XRP 12H Bollinger Bands squeezing tight again. Last time this happened, we saw a 490% explosion.
History doesn’t repeat, but it rhymes pic.twitter.com/fZk4eBltSS
— STEPH IS CRYPTO (@Steph_iscrypto) December 18, 2024
This surge also coincided with the news that Gary Gensler, the Chair of the U.S. Securities and Exchange Commission (SEC) would be leaving his position in January. However, Steph believes the asset’s Bollinger Bands played a crucial role in this performance.
Will History Rhyme for XRP?
Bollinger Bands are a widely used technical indicator to measure market volatility and identify overbought or oversold conditions. When the bands narrow, it indicates a period of low volatility, often preceding a significant price movement.
Steph’s chart shows that the XRP’s surge from November began after a tightening of its Bollinger Bands. The bands are now close to this level again, and Steph noted, “History doesn’t repeat, but it rhymes.” This suggests the asset could experience a similar surge, or even outperform the 490% increase.
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Renewed Interest in XRP
This development comes amid a broader context of increasing institutional interest in XRP and the cryptocurrency market as a whole. Ripple recently launched RLUSD, its stablecoin, causing a significant resurgence in attention, and experts believe adoption will rapidly increase.
Market participants are also closely watching other factors and Bitcoin’s price performance, which often influence altcoin markets, including XRP. Any major movements in these areas could impact the unfolding of this technical setup.
While technical patterns do not guarantee outcomes, historical precedents suggest that similar setups often lead to sharp increases. The digital asset is currently trading at $2.33, and a 420% surge from this level would send it to $12.1, pushing the asset into double-digit territory.
XRP’s Bollinger Bands hit the tightest point in history a few months ago, and analysts showed how this could lead to a repeat of the 2017 rally. The current setup presents an intriguing opportunity for investors, and with the Bands tightening again, the sky seems to be the limit for XRP.
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