When 💰XRP💰 price dropped by this amount in 2020, during the halving year, it surged by around 850% to an all-time high of $1.9669
Because the Ripple ecosystem was in litigation with the US Securities and Exchange Commission (SEC), the price of Ripple (XRP) remained rangebound for some time. The payment token has reportedly been unable to break through critical resistance levels and has been stuck below $0.50.
The monthly ripple price Although XRP holders have been in a state of chaos due to the Ripple price for quite some time, a major shift could be on the horizon as the Bollinger Bands exhibit the tightest contraction ever. The preceding year of Bitcoin's halving was 2020. Above the Bollinger indicator's midline (20-period SMA), the price of XRP is maintaining its position.
Squeezing or contracting the bands is the fundamental idea behind the Bollinger Bands indicator, which analyzes the price volatility of an asset. Squeezing signifies a time of little volatility. The indicator's fundamental principles are:
Traders may use range-bound tactics when Bollinger Bands are narrow. This means they will purchase near the lower band and sell near the higher band, hoping that the price will stay within the range.
Narrow Bollinger Bands may indicate a possible reversal in the present trend or consolidation before the trend restarts, which is important information for trend-following traders. When the Bollinger Bands are quite narrow, traders should proceed with caution and wait for confirmation signs before making any transactions.
Nevertheless, it is crucial to acknowledge that volatility does not support a flattening trend, even when the RSI, AO, and MACD indicators suggest low velocity. That is just not how it works.
Although a big rise is on the horizon, this research does not support XRP achieving triple- or even double-digit increases similar to May 2020.
