XRP Is Set To Have A Major Price Surge – Analysts Suggests

Back then, XRP experienced an unprecedented price surge of 55,000%, reaching a peak of $3.30 per token in early 2018.

Sophia Cruz•Thursday, July 11, 2024•1 min read

Bollinger Bands, a widely-used technical indicator among traders, has drawn attention to a compelling pattern suggesting a potentially significant increase in XRP’s value has emerged on the price chart.

XRP Is Set To Have A Major Price Surge – Analysts Suggests

Developed by renowned trader John Bollinger, these bands consist of a simple moving average flanked by two standard deviations. When the bands narrow, it typically signifies a period of low volatility, often preceding major price movements.

Currently, the analysis reveals a notable narrowing of the bands, reminiscent of a similar occurrence in 2017. Back then, XRP experienced an unprecedented price surge of 55,000%, reaching a peak of $3.30 per token in early 2018.

Although similar narrowing occurred subsequently, it did not predict movements as dramatic as in 2017. For instance, in late 2020, this pattern preceded a significant sevenfold increase in XRP’s price, reaching nearly $2 per token by April 2021. The ongoing narrowing of the Bollinger Bands, which began in November 2022, strengthens the case for a potential rise in XRP’s value in the near future.

Meanwhile, XRP demonstrated resilience amidst recent market volatility. Currently priced at $0.4318, it has established a robust support level at $0.44. This level has been tested multiple times over the past year, offering a strong foundation for potential future growth. Analytics indicate that rising trading volumes and the formation of a double-bottom pattern suggest XRP could be on the brink of a significant price increase.

If XRP fails to breakthrough the $0.4450 resistance zone, it could initiate another decline. The initial support on the downside is around the $0.4350 level and the channel trend line. The next major support is at $0.4310, aligning with the 50% Fibonacci retracement level of the upward move from the $0.4204 swing low to the $0.4430 high. A downside break and close below the $0.4310 level could lead to a continued decline toward the $0.420 support in the near term.

Check out our free forex signals
Follow the top economic events on FX Leaders economic calendar
Trade better, discover more Forex Trading Strategies
Open a FREE Trading Account

ABOUT THE AUTHOR See More

Sophia Cruz

Financial Writer - Asian & European Desks

Sophia is an experienced writer, reporter and newsdesk member, mostly on the financial sectors. For the past 5 years Sophia has covered a wide variety of topics such as the financial markets, economics, technology, fin-tech and trading. Sophia has been a part of the FX Leaders team since 2017 and works on producing valuable content and information for traders of all levels of experience.