Ripples XRP: The XRP price seems ready for a strong move – what do analysts think?
While all eyes have been on Bitcoin lately, Ripples XRP should probably be given a little more attention. A top analyst believes that the altcoin is on the brink of a struggle for volatility – because the tug of war between bulls and bears heats up on both sides and leads to ever tighter and tighter price promotions.
Is XRP ready for the outbreak?
Earlier this week, Bitcoin's Bollinger Bands on the daily chart had started to consolidate. They suggest that the cryptocurrency will soon see a move of more than 15).
This was confirmed by the creator of the indicator himself, John Bollinger. He believes that “most cryptocurrencies are at or near the Bollinger Band Squeeze level. Time to watch out. ”Bollinger used the massive 40% movement from late October as an example.
According to Big Cheds, the tightness of the Bollinger tapes is now particularly pronounced with Ripples XRP. According to the trader, XRP's daily Bollinger bands have not been as tight since March – and this suggests that volatility is on the right track.
Where is Ripples XRP going?
So what do analysts think Ripple's XRP will be heading in? At the moment, the short-term price outlook seems positive.
Popular cryptocurrency analyst CryptoWolf recently observed that the altcoin has a number of different signals that imply a breakout – so XRP may be forming an “ascending triangular bottom.”
CryptoSlate author Senor Satoshi confirms the claim that XRP forms an ascending triangle. According to Senor Satoshi, the cryptocurrency shows the positive price pattern on the medium-term chart.
According to him, a break above the upper limit of the triangle leads to an increase of 13 – what would bring prices back to the level before the recent decline.
According to Senor Satoshi, there is also a strong level of support around $ 0, 214 $, which gives the bullish outlook additional momentum.
However, the long-term price prospects for Ripples XRP are said to be bearish. The cryptocurrency is said to have broken the support of a long-term descending triangle and thus a long-term upward trend: That would bring the price to 0 in the long term in the coming months, 05 $ – i.e. 80% below the current prices.
Proof of text: newsbtc