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XRP on Verge of Crazy Price Pump, If John Bollinger's Bands Are Right

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Thu, 11/07/2024 - 8:52
XRP on Verge of Crazy Price Pump, If John Bollinger's Bands Are Right
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An interesting pattern hinting at a potential monumental jump in value has formed on the XRP price chart. This time, the focus is on the Bollinger Bands, a popular technical indicator for traders.

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For those unfamiliar with Bollinger Bands, developed by famous trader John Bollinger, they consist of a simple moving average and two standard deviations above and below it. The narrowing of these bands usually indicates a period of low volatility, often preceding significant price movements.

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Thus, the current analysis shows that the bands are experiencing a notable narrowing comparable only to what happened once in 2017, when there was an unprecedented jump in the price of XRP by a staggering 55,000%. At that time, the cryptocurrency's price peaked at $3.30 per token by early 2018.

Narrowing also occurred after that, but such strong movements were no longer predicted.  For example, in late 2020, the emergence of this pattern preceded a significant sevenfold increase in the price of XRP, reaching almost $2 per token by April 2021.

Thus the continued narrowing of the Bollinger Bands, which began in November 2022, adds weight to arguments in favor of a potential rise in the value of XRP in the near future.

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XRP is currently trading at less than half a dollar per token. Will it be able to execute such a powerful price bounce from there? It seems that only the most desperate optimist would believe it. However, what can be known for sure on the crypto market?

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