XRP has again captured market attention as its Bollinger Bands on the daily chart have tightened considerably.
A leading crypto analyst, Ali (@ali_charts), recently highlighted this development, suggesting that a big price movement is underway. The observation carries weight given that similar patterns have preceded notable market activity for the digital asset.
Bollinger Bands are technical analysis tools that measure an asset’s volatility and potential price levels. Narrow bands indicate reduced market volatility, while wider bands suggest increased volatility. XRP’s Bollinger Bands have entered a contraction phase, signaling low volatility. Historically, such conditions often precede a breakout in either direction.
The Bollinger Bands are squeezing on the $XRP daily chart, indicating a big price movement is underway! pic.twitter.com/CvxomYnH5E
— Ali (@ali_charts) December 30, 2024
The Potential of a Bollinger Band Squeeze
A few weeks ago, XRP demonstrated how the contraction of Bollinger Bands could precede substantial price action.
Ali’s chart shows that the asset’s Bollinger Bands were very narrow at that time. This resulted in a price surge of nearly 300% in November. This rally saw XRP rise from its prior levels to $2.86, marking its highest price since 2018.
Ali’s analysis points to a potential repeat of this trend. As of December 30, 2024, the chart shows the current tightening phase of the Bollinger Bands, emphasizing the likelihood of an imminent significant move. Meanwhile, many experts in the community are confident that XRP will soon experience a significant upward move.
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Potential Targets for XRP
XRP is trading at $2.09, and the cryptocurrency is holding well above its November lows but remains below its recent high of $2.86. Market sentiment, influenced by external factors and developments within the XRP ecosystem and the crypto space, will likely play a crucial role in determining the asset’s trajectory.
CryptoBull (@CryptoBull2020), a prominent crypto analyst on X, recently predicted that XRP has two more weeks of consolidation. He expects this phase to end in early January, giving way to a notable price increase. While he did not provide a specific target, he noted that this surge will send the digital asset to a new all-time high.
Other top analysts have also set bullish targets for the digital asset. EGRAG CRYPTO (@egragcrypto), a well-known analyst on X predicted a surge of approximately 915%. The consensus is that XRP is on the cusp of a massive move, and it’s only a matter of time before we see a new all-time high.
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.
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