The Signal That Previously Brought Ripple to a 600-fold Rise is Active: 'It's Very Tight'
The analyst said that the signal that previously brought a 600-fold increase in Ripple (XRP) is now available.
Cryptocurrency analyst, known as The Great Mattsby on social media, attracted attention with his Ripple post. The analyst said that XRP is in an overly squeezed position when looking at the Bollinger bands technical indicator.
He pointed out that the last time such a situation occurred was in 2017 and reminded that there was an increase of around 60,000% at that time. He stated that the current situation is one of the most tight monthly Bollinger points:
XRP has one of the tightest monthly Bollinger Band squeezes in its history and currently of all cryptocurrencies. Last time it was squeezed like this it was up 60,000%.
Bollinger bands are an indicator frequently used in technical analysis in financial markets. This indicator helps determine the volatility of the price of an asset and its possible price ranges.
Bollinger bands are used to measure volatility and see the current state of prices. The standard deviation value shows how volatile prices are. Wider bands represent higher volatility, narrower bands represent lower volatility.
According to CoinGecko data, XRP, which has increased by 4% in the last 24 hours, is traded at $ 0.45 at the time of writing.
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