Abdullah Nassif, a market analyst and the host of the Good Morning Crypto show, has expressed his belief that XRP has the potential to reach a price range of $13 to $17. This optimistic outlook is based on the observation that XRP’s Bollinger Bands have hit historically significant levels.
XRP has had a turbulent month, experiencing a decline of 15.73% since April 1. The most recent market retracement triggered a major correction for XRP after it tested the 50-day EMA ($0.5723) on April 22. Since then, XRP has seen three consecutive days of price declines, resulting in a loss of 5.59%.
Despite these recent setbacks, market watchers like Abdullah Nassif see a brighter future for XRP in the long term. Nassif references the findings of veteran analyst Tony Severino, who has identified a trend that suggests XRP may be gearing up for a significant price increase.
This trend revolves around the Bollinger Bands, which are a popular analytical tool used to assess market volatility and potential price levels. These bands consist of a moving average and two standard deviation-based bands above and below it. The recent tightening of the Bollinger Bands on the monthly chart indicates an unusual level of volatility that often precedes a surge in price.
This is not the first time XRP has experienced such a phenomenon. In the past, when the Bollinger Bands tightened, XRP saw a substantial increase in price. One notable example occurred in 2018 when XRP spiked to an all-time high of $3.31 following a period of tightening bands. A similar pattern occurred in 2020, with XRP reaching a peak of $1.96 after the Bollinger Bands tightened.
It is important to note that the Bollinger Bands tool does not provide a clear direction for price movement. While it suggests a resurgence of volatility, this volatility can result in either an upward or downward trend. Nevertheless, analysts like Nassif anticipate an upward surge for XRP.
Nassif points to prevailing on-chain signals as further evidence of XRP’s potential for growth. Based on these signals, he projects a target range of $13.08 to $17.10 as the ultimate goal for XRP. This would require a significant surge of 3,125% from its current price of $0.5301.
It is essential to remember that this article is for informational purposes only and should not be considered financial advice. The opinions expressed are those of the author and do not necessarily 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.