- XRP is showing clear signs of an imminent breakout, with narrowing Bollinger Bands indicating a potential surge in volatility and strong price movement ahead
- Key technical indicators, including a persistently strong Relative Strength Index (RSI), highlight growing bullish momentum and increasing buyer strength in the market
- Ripple has successfully broken out of a long-standing descending channel, signaling a major shift from a bearish to a bullish trend and opening the door for further gains
Ripple (XRP) analysis shows that XRP might be poised to see a substantial price action. One crypto analyst recently noted that XRP’s chart was showing narrowing Bollinger Bands, which generally means a break would occur. Currently consolidating around the middle line from a recent bounce off lower support, XRP may see a surge in volatility with a strong price action.
At the time of writing, XRP is trading at $ 2.18 with a 24-hour trading volume of $ 2.09B and a market cap of $ 127.51B. The XRP over the last 24 hours is showing stability; however, over the last week, its price is up by 6.63% and showing a potential for the next major rally.
Source: CoinMarketCap
XRP Bulls Eye $2.29 Breakout for Strong Price Surge
A prominent crypto analyst highlighted that XRP appears to be ready for a significant technical breakout, with a number of indicators pointing towards a strong and near-term move higher. One of the best indicators of this is the strong contraction of the Bollinger Bands, a popular chart tool for measuring market volatility.
When these bands contract, it generally precedes a period of increased price action, often leading to strong moves. For XRP, this is happening with a solidly bullish Relative Strength Index (RSI), which still remains in positive ground. This relation of low volatility with persistent buying strength is a classic signal for a breakout.
Experts are looking for the crucial resistance level of $2.29, anticipating a strong breakthrough that barrier could spark a buying trend, catapulting XRP towards major target levels of $2.50-$2.80.
Source: X
One factor supporting XRP’s bullish fundamental sentiment is its recent break above a clearly visible descending channel, a pattern that had dominated its price action for several weeks. Descending channels are typically bearish patterns that consist of a series of lower highs as well as lower lows.
Backing up this break is the firm establishment of a firm support level at $1.87, where price action always found buyers stepping in. This provides a sound cushion beneath present prices, minimizing the risk of declines and boosting bulls’ confidence to push prices higher.
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