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Despite the last several weeks, from early October, being rather disappointing, to say the least, XRP is still in bull mode, according to the Bollinger Bands presented by TradingView.
For those not familiar, that is an indicator developed by renowned trader and investment analyst John Bollinger, which is centered around a 20-day moving average with deviations on both sides that, as a result, form a volatility range for the asset. The Bollinger Bands help traders identify whether the price they are analyzing is oversold or overbought, and what bias currently prevails for it.
Not taking into consideration the short- and mid-term time frames, the monthly Bollinger Bands for XRP align in a bullish way, as the price of the cryptocurrency is still well above the middle band at $1.75.
More to the point, XRP still needs to lose another 16.65% of its price to hit the mid-band, which would mean another $21 billion written off its total market cap. While this is not unique for the cryptocurrency market, a move of such magnitude may still take weeks, if not months.
What's up with XRP price today?
For now, XRP holders’ hopes for a bull run are still in place, even though they should be ready for a potential leg down and even losing the $2 price tag. Again, even at $1.75, XRP will still remain bullish from this exact Bollinger Bands frame, and only a move below the midband on the monthly frame will break the bullish trend.
On the upside, the upper band for XRP is currently at $3.61, 71% above the current price point. Reaching that high would mark a new all-time high for the cryptocurrency.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team