XRP Price Prediction: Indicators Are Screaming a Repeat of the Explosive 2017 Rally; $3 Coming Soon?
The post XRP Price Prediction: Indicators Are Screaming a Repeat of the Explosive 2017 Rally; $3 Coming Soon? appeared first on Coinpedia Fintech News
Despite XRP’s beaten-down price against Bitcoin, indicators like the Relative Strength Index suggest a major bullish run may be forthcoming. According to analyst Moon Lambo, historical metrics predict a bull run when XRP’s metrics align as they currently do.
The analyst also stressed the importance of traditional markets, such as equities, in influencing the performance of altcoins like XRP. Historical data suggests that for altcoins to perform well, traditional markets need to experience major movements. Here’s a breakdown of his latest analysis:
XRP Bollinger Bands Analysis:
Bollinger Bands are a technical analysis tool that measures market volatility. The bands are tightening for XRP on a monthly time frame, which historically indicates a significant price movement is imminent. Previous instances of such tight squeezes in Bollinger Bands have led to massive price rallies for XRP.
Tightening Bollinger Bands indicate low volatility and a consolidation phase, which often leads to a significant breakout. This breakout could be either upward or downward, but considering the broader market context, an upward movement is anticipated.
The last similar event occurred in February 2017, when XRP was priced at half a penny. Following that squeeze, XRP experienced a major price increase.
Market Sentiment and Historical Context:
Despite current bearish sentiments and a market downturn, these conditions often precede significant upward movements in XRP’s price. XRP has recently dropped 40% from its yearly high of 74 cents, influenced by broader market trends and events like Bitcoin’s crash and selling pressure from specific entities.
Conclusion:
He said that the market had an explosive rally, reaching XRP’s all-time high of $3.31 in January 2018, which was a 5932.5% increase in one year. As the Bollinger Bands show a similar pattern now, analysts expect another big surge. He agrees with this outlook but won’t predict exact prices and believes the market has a history of strong growth and could continue this trend as it expands.