XRP’s Bollinger Bands have reached their tightest levels ever, tighter than before its historic 60,000% rally that ended in early 2018. Tony “The Bull” Severino, a Chartered Market Technician, highlighted this development in his tweet lately.
He noted that this contraction in volatility suggests a potential for a key price movement, echoing patterns seen before XRP’s massive surge years ago.
$XRP monthly Bollinger Bands are the tightest everTighter than before the historic 60,000% rally that ended in early 2018 pic.twitter.com/OFTTkcDxDU
— Tony "The Bull" Severino, CMT (@tonythebullBTC) July 30, 2024
Bollinger Bands Indicate Potential Breakout
The chart shared by Severino presented a detailed analysis of XRP’s price trends using the Bollinger Bands indicator. The values were as follows: the upper band is at $0.69783, the basis is at $0.52388, and the lower band is at $0.34994.
XRP traded at around $0.60200 at the time of his analysis, sitting above the basis but below the upper band. This positioning indicated a neutral to slightly bullish bias. At press time, XRP trades at $0.5985, down by 1.4% in the last day, per CoinGecko data.
Moreover, the Bollinger Bandwidth was at its lowest contraction ever recorded at 66.41, far below its highest expansion of 982.22. This tightness in the bands has typically preceded notable price movements, indicating that a breakout could be imminent.
Read also: Cardano (ADA) Price Poised for Breakout Amid Bitcoin’s (BTC) ATH Push: Key Levels to Watch
XRP Gearing for a 60,000% Move?
Tony Severino’s analysis draws a parallel between the current market conditions and the period before XRP’s historic rally. He notes that the bands are tighter now than they were before the previous 60,000% surge. This historical context highlights the potential for a large price movement.
Additionally, XRP is positioned within the upper half of the bands, reinforcing a bullish sentiment. The upper band at $0.69783 serves as resistance, while the lower band at $0.34994 is the support. A move beyond these levels could signal the start of a new trend.
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Show more +Show less – Market Analysts Weigh In
Besides Severino’s analysis, other market analysts have chimed in on the significance of this development. Moon Lambo, another crypto analyst, referenced Severino’s insights, tweeting,
“XRP monthly Bollinger Bands are the tightest ever, tighter than before the historic 60,000% rally that ended in early 2018. What ya think happens next, fam?”
Additionally, Charting Guy provided further analysis, noting the extended consolidation period. He tweeted,
“The consolidation is almost twice as long as 2013-2017, which was 3.5 years. So far, this is 6.5 years. Crazy.”
This extended period of consolidation coupled with the tight Bollinger Bands reinforces the likelihood of a price movement soon.
The analysis by Tony “The Bull” Severino and other market analysts suggests that XRP is on the verge of a significant price movement. The current tightness of the Bollinger Bands, combined with the historical context and extended consolidation period, indicates a potential breakout.
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