XRP enthusiasts have a new reason to be bullish. The popular technical analysis tool Bollinger Bands, developed by famous trader John Bollinger, is showing a very entertaining trend on the XRP price chart.
Specifically, these bands are tightening. Such dynamics usually precede major price movements, like a rise of more than 60,000% and 1,000% in 2017 and 2020, respectively.
The situation on the price chart of the currently seventh largest cryptocurrency is also exacerbated, in a positive way, by the presence of a huge triangle pattern that has been forming there since 2017.
$XRP
— Mikybull 🐂Crypto (@MikybullCrypto) August 28, 2024
The volatility has fallen below the 2017 level.
This means a huge breakout and rally looming as it was in 2017 and 2020. pic.twitter.com/tAFyE0OHGG
Earlier, both technical analysis specialists and just plain independent traders expressed the opinion that if the pattern plays out as it should, XRP could see the biggest breakout in its price history.
Common sense or skepticism?
Some of those looking at the XRP chart are skeptical about the concept of this triangle, saying that it never ends. Although there can be little doubt about this, as the crypto market is a volatile, hot and chaotic environment, and no asset will remain stable here.
However, claims that XRP is poised for the biggest breakout in history can be questioned. The popular cryptocurrency has already grown 650 times, and its market capitalization is already over $30 billion.
Do you think XRP will one day have a multi-trillion dollar capitalization? Even Bitcoin is barely above $1 trillion. Targets above $1 for XRP, on the other hand, seem more attainable.
Who knows, maybe the Bollinger Bands and the triangle will pay off and we will see XRP at, what? $3? $5? The answer to that question remains open.
