XRP Likely to Surge 60,000% as Monthly Bollinger Bands at Tightest Ever: Chartered Market Technician
thecryptobasic.com 30 July 2024 10:45, UTC Tony Severino, a researcher and chartered market technician, suggests XRP could be on the verge of a violet 60,000% as experienced six years ago.
This sentiment is based on his observation that XRP’s monthly Bollinger Bands are currently the tightest they have ever been. Severino noted that the monthly squeeze is even tighter than in 2017, just before XRP went on to rally by over 60,000%.
XRP When Bollinger Bands Previously Tightened
Notably, in February 2017, when a significantly tight squeeze in the XRP Bollinger Bands was last seen, the asset traded with two leading zeros at around $0.0055.
This previous squeeze led to a significant market surge. It resulted in XRP reaching its all-time high of $3.84 by January 4, 2018. This rally represented a staggering 69,718% increase from $0.0055 within a year.
As the Bollinger Bands are exhibiting a similar pattern now, technical analysts like Severino anticipate another violent XRP rally.
These observations come at a time when XRP is underperforming in the bull market. Although XRP’s trajectory improved significantly this month following a 65% advancement, it still lags behind among top-ranking tokens.
In particular, data from market tracker CoinCodex indicates that 90 crypto assets among the leading 100 outperform XRP in terms of yearly performance. In other words, XRP is ahead of only nine crypto assets among billion-dollar cap tokens.
Will Bollinger Bands Take XRP to $420?
Meanwhile, market observers are confident in an unexpected turnaround for XRP based on suggestions from various technical indicators.
Notably, the currently tightened Bollinger Bands observed in XRP suggest low market volatility, usually seen during consolidation periods when price movements are minimal. Severino is among the increasing number of market analysts highlighting that the XRP Bollinger Bands are at their tightest point in history.
XRP is trading at $0.5992, following a 2% decline over the past day. In the hypothetical scenario where XRP repeats a 700X surge, as seen in the last observation, the asset would attain a price of $420.
However, market participants increasingly disbelieve in this prospect. Some, even among XRP enthusiasts, have argued that charts have been irrelevant in predicting XRP’s trajectory for years and will continue to be so.
Others believe triple-digit value is purely speculative and unrealistic for a $33 billion crypto like XRP.
