XRP Shows Promising Signals on Bollinger Bands, Analyst Predicts Rally Towards $150
Renowned market analyst Tony “The Bull” Severino, founder of CoinChartist, has identified a buy signal for XRP on the daily Bollinger Bands indicator. Severino’s analysis reveals that XRP recently collapsed towards the lower Bollinger Band during a market correction.
However, after the German government sold their Bitcoin (BTC) holdings, bullish sentiments returned to the market. As a result, XRP experienced a significant spike of 40% from its low of $0.4032 on July 8 to a three-month high of $0.5661 on July 13. This surge coincided with the anniversary of the Ripple v SEC case ruling, which declared XRP a non-security.
Severino highlights that during the recent uptrend, XRP flashed a buy signal on the Bollinger Bands. To sustain this upward momentum, XRP must align with several bullish factors. High trading volume is crucial to support the price movement and ensure substantial investor interest.
Despite a 46% drop in trading volume over the past 24 hours, currently sitting at $1.47 billion, XRP has seen an increase in daily active addresses, as confirmed by Santiment data.
Another analyst, Javon Marks, has set an ambitious price target of $150 for XRP. Marks points to a coil pattern in the form of a symmetrical triangle, which has persisted since 2018. He believes that XRP is on the verge of breaking above this pattern and has the potential to replicate its historic 2017 upsurge, potentially reaching the $150 mark.
Currently, XRP has experienced a 26% surge in the past 7 days, with the RSI at 65 and stabilizing, indicating that it is not yet overbought. However, the rally has paused, and XRP is currently in a consolidation phase. The trading volume has decreased by 46%, indicating a decrease in buying momentum.
Although the MACD line remains above the Signal line, suggesting continued bullish potential, XRP must see a renewed interest in buying and an increase in buying volume for the uptrend to resume.
It is important to note that this article is for informational purposes only and should not be considered financial advice. The opinions expressed in this article are solely those of the author and do not reflect the views of The Crypto Basic. Readers are advised to conduct thorough research before making any investment decisions, and The Crypto Basic is not liable for any financial losses incurred.