THE XRP Price Chart presents a familiar historical pattern that has already led to a massive 650X price increase. This pattern, known as Bollinger Bands, is often used to predict the price movements of a cryptocurrency.
Analyst Says “Big Move Is Coming” For XRP Price
On September 9, prominent crypto analyst JD identified a unique historical technical pattern in the XRP price chart. According to the analyst, from 2014 to 2017, the Bollinger Bands of the XRP price thinned, indicating low market volatility and subsequently triggering a massive price increase for cryptocurrency.
At the time, the Bollinger Bands had pushed the price of XRP up to 650X, marking new all-time highs for the cryptocurrency. Now, JD has revealed that a similar narrow Bollinger Band technical pattern is developing for XRP in this current cycle, stating that a “big move is coming” for cryptocurrency.
When request by a crypto community member how XRP could go to 650x, JD clarified that the cryptocurrency saw a 659X increase from a breakout of 0.06.
Following the analyst’s discovery of Bollinger Bands in XRP’s price, many misinterpreted his analysis, claiming that he was predicting another 650x surge for XRP this market cycle. JD was quick to pushed back the idea that XRP had seen such a dramatic increase, pointing out that a 650x price increase was highly unlikely given XRP’s large market cap of $33.3 billion.
Instead, he suggested a more feasible solution. price target for XRPstressing that a 5-10x increase was possible for the cryptocurrency. At the time of writing, the price of XRP is trading at $0.59, marking a slight decline of 1.48% over the last 24 hours.
A 5x increase from its current price would propel XRP’s price to $2.95. At the same time, a 10x increase would see XRP surpass the previous all-time highs of $3.84 in 2018 to potentially reach $5.9.
JD also revealed that a price hike to $7 is also possible for XRP. He stressed the importance of take calculated profitsstressing that despite the many Bullish forecast for XRPMany investors will fail to make profits and 95% of them will lose at the end of the bull cycle.
A price drop of $0.55 is still possible
Although many analysts are considerably bullish on XRPCryptocurrency market expert Jay Grissom has offered a more bearish outlook for the cryptocurrency. According to the analyst, XRP volume remains extremely low, indicating a potential drop to previous lows.
Grissom revealed that he wouldn’t be too surprised if XRP dropped from its current price of $0.59 to $0.55. While a drop of $0.55 may seem like a significant loss, XRP has consolidated around this price range for years. The analyst remains optimistic, however, believing that a certain strong impulsive escape could push the price of XRP up to $0.67.
Featured image created with Dall.E, chart by Tradingview.com
