XRP Price Readies For Record-Breaking Peaks As Bollinger Bands Signal 490% Upswing
As the cryptocurrency market faces a significant price correctionled by Bitcoin (BTC) and Ethereum (ETH), which have retraced 2.2% and 4.6% respectivelythe XRP price shows early signs of a potential explosive surge.
Currently trading at $2.21, the XRP price has recorded a nearly 5% gain in the past 24 hours, finding strong support just below its current price.
This positions the token favorably for continued upward momentum, particularly since it began an upward trend on November 5, bolstered by President-elect Donald Trumps re-election.
$10.82 Target For The XRP Price Following Historical Patterns
Interestingly, analysts are increasingly optimistic about the XRP price, especially considering a key technical indicator: the Bollinger Bands. This volatility indicator, which consists of a moving average and upper and lower bands, is currently tightening on the 12-hour chart.
Analyst Steph has noted that the last time the Bollinger Bands exhibited such a pattern, the XRP price experienced a staggering 490% price explosion.
If history repeats itself, this could propel XRP to a new all-time high of $10.82, significantly surpassing its previous record of $3.40 set in January 2018, according to the analyst.
Adding to the bullish sentiment, another analyst known as Javon on X (formerly Twitter) has pointed out that XRPs last full bull cycle saw an increase of over 600%. The analyst suggests that if the XRP price performs similarly, it could rise dramatically, potentially exceeding 6,800% to reach approximately $168.
This projection hinges on the price moving above the 2.414 Fibonacci Extension level, which was valued at $3,06 during the previous cycle. However, some analysts are adopting a more conservative outlook.
Key Levels At $2.42 And $2.92 In Focus
DarkDefender has noted a clear break on the daily chart, predicting that the XRP price could retest the $2.42 level before breaking through $2.92. Should it surpass this threshold, targets of $3.43 and $5.85 could be in sight.
DarkDefender had recently targeted $2.72, which the XRP price had successfully bounced back from, reaffirming the validity of his analysis.
Despite differing views on the potential extent of the surge, consensus among analysts is that the XRP price is likely to reach a new all-time high in the coming months. This optimism is further strengthened by the possibility of regulatory changes under the incoming Trump administration.
The President-elect has promised a new regulatory framework for digital assets in the United States, which could pave the way for resolving the prolonged legal battle between Ripple Labs and the US Securities and Exchange Commission (SEC) which previously stifled the XRP price, leading to a lengthy period of consolidation.
Featured image from DALL-E, chart from TradingView.com
Source: NewsBTC.com
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Text source: Crypto Breaking News
