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XRP continues to be a hot topic in the crypto world right now, and the latest price chart updates for the second-biggest altcoin suggest that its popularity is only going to keep growing.
According to new observations, XRP might be set for a 15% run over the next nine days. The signal comes straight from the Bollinger Bands, which are one of the most popular tools to evaluate the price of an asset.
Right now, XRP is trading at about $3.05, but the real deal is that the upper edge of the weekly Bollinger Bands is at $3.51. While the 15% difference might seem small in crypto, for XRP it would mean $27 billion more in market cap. And it is not something the altcoin is ready for.
The base was set at $2.64, which has been solidly supported after holding against downward pressure. From there, the price started to climb, staying above the midline of the bands and forming a structure of higher lows.
Why is such scenario possible?
Since then, XRP has remained within the $2.70-$2.90 range, refusing to fall further, while the daily Bollinger Bands, which have been compressed for weeks, have finally begun to widen. This expansion usually precedes movements, and as price flipped to the upper half of the corridor, the current situation suggests that further growth is more likely than downside risk.
Breaking into the $3.50 zone would not only revisit levels seen earlier this year but also bring XRP within inches of retesting its all-time high.
The bottom line here is that if the current momentum continues, the market could be preparing for a larger breakout that would finally reopen the path toward uncharted price territory for XRP.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team