TL;DR
- XRP’s Bollinger Bands have tightened to a level last witnessed eight months ago – a signal of incoming volatility that could lead to either a major breakout or a sharp correction.
- Many analysts on X remain optimistic on the asset, envisioning a rise to a new ATH in the near future.
Is It Show Time Again?
While Ripple’s cross-border token has been trading within the $2.15-$2.30 range over the past week, the technical analysis tool XRP Bollinger Bands suggests that the price may experience a major move in the short term.
The X user STEPH IS CRYPTO observed that the bands of the indicator have squeezed to a condition last observed in November last year.
Back then, the price of XRP was around $0.50, whereas in the following months, it skyrocketed by approximately 600% to reach almost $3.40. XRP currently trades at around $2.27, and an increase of that magnitude would result in a rally above $16.
A Bollinger Band squeeze means that the token has experienced periods of minor turbulence over a certain period of time and is viewed as a factor that could precede a significant price pump (or a major correction).
The tightening bands toward the end of last year may have played a role in XRP’s impressive performance, but it is worth noting that other elements also contributed. The presidential victory of Donald Trump in November and the enthusiasm surrounding his inauguration in January are among the main ones.
Price Targets
XRP is one of the most widely discussed digital assets in the cryptocurrency space, with many analysts leaning towards a bullish outlook. Earlier today (July 7), X user CRYPTOWZRD argued that the token has been in consolidation mode for the last 32 weeks and is now “gathering strength.” They believe that one more bullish weekly candle could spark a significant price surge.
For their part, Captain Faibik claimed XRP is on the verge of its next bullish rally, setting a target of a new all-time high of $4.60.
Those curious to explore additional predictions and check some of the asset’s key resistance levels, please take a look at our dedicated article here .
