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XRP set to surge 60,000% as monthly Bollinger Bands hit all-time low: Chartered Market Technician
Tony Severino, a licensed market researcher and technician, suggests that XRP could be on the verge of a 60,000% purple, as happened 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 note that the monthly pressure is even stronger than in 2017, just before XRP rose by more than 60,000%.
XRP when Bollinger Bands were previously tightening
Notably, in February 2017, when a significantly tight squeeze in XRP’s Bollinger Bands was last seen, the asset was trading with two leading zeros at around $0.0055.
This previous squeeze led to a sharp market rally, with XRP hitting its all-time high of $3.84 on January 4, 2018. This rally represented a staggering 69,718% increase from $0.0055 in one year.
With Bollinger Bands now showing a similar pattern, technical analysts like Severino are anticipating another violent rally in XRP.
These observations come at a time when XRP is underperforming in the bull market. Although XRP’s trajectory has improved significantly this month after an increase of 65%it still lags behind among the top ranked tokens.
In particular, data from market tracker CoinCodex indicates that 90 cryptoassets among the top 100 are outperforming XRP in terms of annual performance. In other words, XRP is ahead of only nine cryptoassets among billion-dollar tokens.
Will Bollinger Bands Take XRP to $420?
Meanwhile, market watchers are confident of an unexpected XRP reversal based on suggestions from various technical indicators.
Notably, the currently tightened Bollinger Bands seen in XRP suggest low market volatility, typically seen during periods of consolidation when price movements are minimal. Severino is among the growing number of market analysts pointing out that XRP’s Bollinger Bands are at their tightest point in history.
XRP is trading at $0.5992, after a 2% decline over the past day. In the hypothetical scenario where XRP repeats a 700X increase, as shown in the latest observation, the asset would be reach a price of $420.
However, market participants are increasingly doubtful about 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 that the three-digit value is purely speculative and unrealistic for a $33 billion crypto like XRP.
Disclaimer: This content is informational and should not be considered financial advice. The opinions expressed in this article may include the personal opinions of the author and do not reflect the opinion of The Crypto Basic. Readers are encouraged to conduct thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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