XRP Set To Skyrocket 60,000% On Tightest Bollinger Bands Ever


In
an
analysis
shared
via
X
and
YouTube,
crypto
analyst
Matt
“The
Great
Mattsby”
Hughes
highlighted
what
could
be
a
historic
move
for
the
XRP
price,
based
on
the
Bollinger
Bands
indicator.
Hughes
points
to
an
impending
squeeze
in
XRP’s
monthly
Bollinger
Bands,
suggesting
a
potential
spike
similar
to
previous
rallies
where
the
cryptocurrency
saw
massive
gains.

Hughes

explained
via
X:
“XRP
has
one
of
the
tightest
monthly
Bollinger
Band
squeezes
in
its
history
and
in
all
of
crypto
right
now.
The
last
time
it
squeezed
like
that,
it
shot
up
60,000%.”
In
a
YouTube
video,
the
crypto
analyst
went
into
more
detail,
explaining
how
the
XRP
price
has
behaved
in
the
past
when
the
Bollinger
Bands
have
been
this
tight.

How To Get Free Crypto  

XRP
Could
Skyrocket
To
$250

The
first
instance,
according
to
Hughes,
occurred
between
September
2016
and
March
2017.
During
this
period,
the
XRP
price
consolidated
for
several
months,
causing
the
Bollinger
Bands
to
tighten
dramatically.
After
this
period
of
consolidation,
the
XRP
price
skyrocketed,
achieving
gains
that
Hughes
estimates
to
be
around
60,000%.

XRP
price
analysis
|
Source:
X
@matthughes13

The
second
time
was
from
December
2020
to
April
2021.
In
this
case,
XRP
rose
by
around
1,000%.
“So
it
was
much
less
than
this
period
here
and
simply
because
it
looks
like
it
wasn’t
as
tight
as
it
was
right
here
[the
first
time],
we
can
see
it
was
much
tighter
during
the
first
time,”
Hughes
explained.


Related
Reading

This
is
the
third
time.
Notably,
“is
the
tightest
it
has
ever
been,
even
tighter
than
the
first
time,
which
suggests
that
it
should
explode
much
higher
than
previous
cycles,”
he
said.

The
Bollinger
Bands
are
a
technical
analysis
tool
defined
by
a
set
of
trendlines
two
standard
deviations
(positive
and
negative)
away
from
a
simple
moving
average
(SMA)
of
a
security’s
price,
but
can
be
adjusted
to
suit
the
user’s
preferences.
A
narrowing
of
these
bands
typically
indicates
low
volatility
with
the
potential
for
a
major
bullish
or

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bearish
price
movement
once
the
bands
begin
to
widen
again.

Hughes
also
examines
the
duration
from
the
all-time
high
to
the
current
price,
noting
that
2,373
days
have
elapsed.
This
long
period
of
relative
inactivity
in
price
growth,
combined
with
the
extreme
tightness
of
the
Bollinger
Bands,
forms
the
basis
of
his
prediction
of
an
imminent
significant
move
higher.

“It’s
the
tightest
in
its
history
as
well
so
that
just
kind
of
proves
to
me
that
there
is
going
to
be
a
move
sometime
in
the
near
future.
I’m
not
sure
when
but
sometime,
we
can
see
that
this
is
looking
more
and
more
like
it
wants
to
break
out,”
Hughes
remarked.


Related
Reading

In
addition
to
the
technical
perspective,
he
also
discussed
XRP’s
price
performance
relative
to
its
20-month
moving
average.
He
notes
that,
similar
to
previous
patterns,
XRP
has
spent
a
considerable
amount
of
time
below
this
moving
average
prior
to
significant
rallies.

In
both
previous
instances,
XRP’s
breakout
was
preceded
by
a
period
below
this
moving
average,
followed
by
a
breakout
that
began
after
testing
the
bottom
of
the
Bollinger
Band.
Notably,
the
price
of
XRP
hasn’t
yet
tested
the
bottom
of
the
Bollinger
band.
Therefore,
Hughes
speculates
about
a
potential
price
drop
as
a
“final
flush
out”,
possibly
down
to
the
$0.30
area
before
a
potential
breakout.

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Such
a
move
would
be
in
line
with
previous
cycles
where
a
test
of
the
lower
Bollinger
Band
has
led
to
strong
rallies.
“So
there
is
a
possibility
that
the
price
could
come
down
to
test
it.
Maybe
one
last
flush
out
maybe
down
into
the
$0.30s,
we
don’t
know
but
if
that’s
the
case
then
that’s
just
more
confluence
of
the

previous
cycles
that
price
can
still
just
break
out,”
he
concluded.

By
the
way,

if
history
were
to
repeat
itself
and
XRP
were
to
increase
by
62,000%,
it
would
reach
a
price
of
$250.

At
press
time,
XRP
traded
at
$0.44574.

XRP
price
remains
below
the
200-week
EMA,
1-week
chart
|
Source:

XRPUSD
on
TradingView.com

Featured
image
created
with
DALL·E,
chart
from
TradingView.com

Go to Source
Author: Jake Simmons


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