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According to CoinChartist founder Tony Severino, XRP's monthly Bollinger Bands are the tightest they have ever been.
In fact, they are tighter than before the groundbreaking 60,000% rally that the XRP price that ended in 2018.
Bollinger Bands are a widely used momentum indicator that adjusts to market volatility.
In this particular case, a shrinking gap between the upper and lower bands means that XRP is experiencing relatively low volatility. It is worth noting that a period of extremely low volatility is typically followed by a squeeze.
XRP bulls are now hopeful that such an extraordinarily rare level of low volatility could potentially indicate a significant price spike.
As reported by U.Today, John Bollinger, the founder of the popular indicator, wrote that the largest cryptocurrency was on the verge of a squeeze last August. Since then, Bitcoin rallied roughly 187%, eventually peaking this March.
Gamza KhanzadaevAccording to CoinGecko data, the XRP price is currently changing hands at $0.5988, which makes it the sixth biggest cryptocurrency by market capitalization. XRP is down 1.5%, which is in line with the broader market. Bitcoin, for instance, is down more than 4%.
XRP could experience more volatility due to new developments in the closely watched SEC v. Ripple case.
As reported by U.Today, Ripple CEO Brad Garlinghouse recently stopped short of sharing any information about settlement talks. However, he did mention that the resolution of the pivotal case was on the horizon.
XRP is still down 82% from its record high that was achieved in 2018, which makes it one of the worst-performing coins.
Arman Shirinyan