XRP has caught the attention of traders with a new buy signal. The daily Bollinger Bands indicator shows potential for a surge. Market analyst Tony “The Bull” Severino, founder of CoinChartist, spotted this signal. His analysis reveals that XRP fell to the lower Bollinger Band during the latest market correction.
The German government’s Bitcoin sales added pressure, causing market declines between July 4 and 8. XRP dipped below the lower Bollinger Band multiple times. But once Germany sold off their Bitcoin, bullish sentiments resurfaced. The token jumped 40%, from a low of $0.4032 on July 8 to a high of $0.5661 on July 13. This rise coincided with the anniversary of the Ripple v. SEC case ruling, which deemed the token a non-security.
After hitting $0.5661, the token corrected mildly but stayed above $0.52. Severino noted that XRP’s buy signal with the Bollinger Bands could drive further gains. A close above the upper Bollinger Band ($0.5293) could propel the next leg up. High trading volume is crucial to sustain this movement, ensuring strong investor support.
Yet, XRP’s volume dropped 46% in the past 24 hours, down to $1.47 billion. This decline suggests waning buyer interest. Despite this, daily active addresses have increased, per Santiment data.
Ambitious Price Target For XRP
While Severino remains cautious with predictions, analyst Javon Marks is more optimistic. He highlighted a symmetrical triangle pattern on the 18-day chart, in place since 2018. Marks believes that the token could break out from this pattern, potentially repeating its 2017 upsurge and reaching $150—a 300x increase.
XRP has surged 26% over the past week. The RSI stands at 65, indicating it’s not overbought yet. Despite a consolidation phase, the MACD line remains above the signal line, hinting at sustained bullish potential. For the rally to continue, XRP needs renewed buying interest and increased volume.
As the token consolidates, the market watches closely. The buy signal on the Bollinger Bands, increased daily active addresses, and historical patterns suggest a significant move could be on the horizon. Traders and analysts alike are preparing for what could be a monumental rally.
