TL;DR
The cryptocurrency market has headed north in the past several days, with Ripple’s XRP being one of the top performers. Its price is up approximately 25% on a weekly scale, briefly hitting a three-month high of almost $0.57 (per CoinGecko’s data) a few hours ago.
Multiple traders and analysts noted the coin’s progress, speculating that it is gearing up for further gains in the near future. The X user Mikybull Crypto claimed the rally “is just getting started,” adding that the asset may mimic the 2017 cycle bull run. Recall that XRP’s price was less than $0.01 at the start of 2017, while 12 months later, it neared $2.30 (representing a whopping 38,000% increase).
“Something big is brewing,” Mikybull Crypto concluded.
Crypto Michael chipped in, too, arguing that XRP could become “one of the biggest pumps of the year” once breaking above $0.56. As mentioned above, the valuation surpassed that mark before retracing to the current level of around $0.54.
Armando Pantoja was also bullish, envisioning a price explosion toward the staggering $20. He based the forecast on the historic pattern formed recently on XRP’s price chart: the Bollinger Band metric.
The width of the tool’s bands is used to gauge volatility: wider bands signal higher volatility, while the opposite case indicates less-enhanced price swings, which might be followed by a violent move in any direction.
One X user noted that the bands were quite tight last week, reminding that the last time they squeezed like that, XRP skyrocketed by 60,000%.
Despite the predominant optimism among industry participants, some important indicators suggest XRP could experience a correction in the near future.
The Relative Strength Index (RSI), which measures the speed and change of an asset’s price movements, has recently spiked above 83, a score last seen in November 2023. This is usually indicative of overbought price conditions.
The oscillator ranges from 0 to 100 as a ratio below 30 signals about oversold conditions and possible price rallies. When the score is above 70, XRP might be due for a pullback. Currently, the RSI is in neutral territory with a ratio of 60.
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