As a seasoned crypto investor with several years of experience under my belt, I find Tony Severino’s analysis intriguing. The tightening Bollinger Bands on XRP, which are even tighter than before the monumental 2018 rally, has piqued my interest. This particular indicator is widely used to gauge market momentum and low volatility periods are typically followed by a sudden surge.
Based on information from Tony Severino, the founder of CoinChartist, XRP‘s monthly Bollinger Bands currently represent their narrowest expansion on record.
The XRP prices have become more compact than they were prior to the remarkable 60,000% surge in 2018.
Bollinger Bands are a widely used momentum indicator that adjusts to market volatility.
In the current scenario, the narrowing space between the top and bottom lines indicates that XRP‘s price fluctuations are minimal, suggesting it has low volatility at present. Interestingly, extended phases of low volatility often lead to a ‘squeeze’, which could potentially result in significant price movements afterward.
XRP enthusiasts are becoming increasingly optimistic, as the unusually low market volatility might signal a substantial price surge in the future.
According to a report from U.Today, John Bollinger, inventor of the well-known indicator, predicted that Bitcoin was about to experience a price squeeze in August of last year. Following his prediction, Bitcoin saw a significant surge, rising approximately 187% and reaching its peak this March.
Based on information from CoinGecko, the present value of XRP in exchange is $0.5988. This places XRP as the sixth largest cryptocurrency in terms of market capitalization. The price of XRP has decreased by 1.5%, mirroring the overall trend in the cryptocurrency market. In contrast, Bitcoin has experienced a greater decline of over 4%.
The ongoing SEC versus Ripple lawsuit may bring about heightened price fluctuations for XRP as fresh advancements unfold.
According to a report from U.Today, Ripple CEO Brad Garlinghouse has been tight-lipped about ongoing settlement discussions. Yet, he hinted at a forthcoming resolution for the crucial legal case at hand.
2018 saw a peak for XRP, but currently, it’s approximately 82% below that record high, placing it among the poorer performing cryptocurrencies.
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2024-07-30 08:35