XRP Price is expected to rise significantly, just like it did in 2017. Tony Severino, a chartered market technician, performed an analysis that made him predict this. He noted that the monthly Bollinger Bands for XRP are the narrowest they have ever been.
He also compared today’s market with February 2017 when there was such a structure and within a year this had led to a growth of 6000%, which took XRP from $0.0055 to an all-time high of $3.84 by January 2018.
XRP Price Technical Analysis and Market Sentiment
The narrowing Bollinger Bands on XRP indicate low volatility, suggesting that the asset is in a consolidation state. This pattern may signify the potential for significant price movements.
Actually, despite the bullish technical prospect for XRP price this month, XRP still ranks lower than many of its peers. Specifically, according to market tracker CoinCodex, 90 out of the top 100 cryptocurrencies have outperformed XRP over the past year.
Additionally, the 4-hour chart for Ripple (XRP) displays a notable upward trend in its Moving Average Convergence Divergence (MACD) indicator, providing insight into the asset’s momentum. Currently, the MACD line has crossed above the signal line, indicating a bullish momentum as the asset price has seen an upward trajectory in recent periods. This crossover is reinforced by the increasing separation between the two lines, suggesting a strengthening of the bullish trend.
The histogram, which visualizes the difference between the MACD and signal lines, has shown growing green bars. This growth indicates an increase in bullish momentum, as the MACD line extends its distance from the signal line. As of the latest data, the MACD value is at 0.0107, highlighting a continued positive momentum that could potentially push the price higher if sustained.
At press time, XRP has gained around 37% within one month currently trading at $0.6497. There has also been a huge jump in trading volume which grew by 162% suggesting strong buying support and participation in the market.
The market cap was up by another 8.24%, ensuring that XRP remains the sixth-largest cryptocurrency by market capitalization today. This swing in finance reflects increasing optimism about the future growth prospects of this digital coin.
Insights from Market Analysts
Furthermore, Ali Martinez, a renowned market analyst, has gone ahead to say that Ripple (XRP) is on its way out of a six-year symmetrical triangle pattern. This implies that breaking past this price may well indicate the beginning of a new bullish phase with a critical level put at around $0.9 per coin as suggested by Martinez.
Michael XBT also adds that based on a technical analysis, XRP could be out of prolonged consolidation by August. This further emphasizes how imminent the potential price movement is.
Future Trajectory
While some market participants remain skeptical, citing previous failures of chart patterns to accurately predict XRP’s price, the convergence of multiple technical indicators and the analyses by Severino and Martinez provides a compelling case for potential growth.
The historical context of XRP’s rise and the current technical setup suggests a scenario where XRP could once again achieve extraordinary gains. This analysis, strictly based on observed market data and expert insights, highlights the cyclical nature of cryptocurrency markets and the potential for sudden changes in asset valuations.
