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Here’s Why Ripple (XRP) Could be Poised for a ‘Big Price Movement’
Ripple’s XRP has experienced a remarkable 230% year-to-date price increase, with some analysts suggesting that the token may have more room to grow. While some market observers believe it could drop even further, others argue that there are several factors that could propel its value higher.
One factor contributing to this potential rally is the tightening of Bollinger Bands on XRP’s price chart. This technical indicator, developed by John Bollinger in the early 1980s, helps traders identify when an asset may be overbought or oversold and spot potential price breakouts or reversals. With the bands becoming increasingly tighter, some market experts predict that this could signal a “big movement” is underway.
Another factor supporting XRP’s future price action is its recent similarity to the pre-bull run patterns of 2017. According to Javon Marks, Ripple’s current price condition bears striking resemblance to what happened in the lead-up to a new all-time high of over $3.4. This could signal that investors are poised for another groundbreaking bullish rally.
In addition to these factors, the decline in the amount of XRP stored on exchanges has been observed. As the token’s holders choose private wallets over centralized platforms, this could result in reduced immediate selling pressure and potentially boost the price.
Several analysts have also set optimistic targets for Ripple’s native token. Mikybull Crypto, for instance, predicts a rise to $4 or higher, while Coach, JV believes that XRP will be an asset investors will regret not buying at current prices: “XRP will be one of these assets where people will say, ‘I could have bought XRP at $2, $5, or $7, and will FOMO in at $100.'”
In the short term, some market observers suggest that a price drop is possible. However, this article highlights several factors that support the potential for a significant increase in XRP’s value.
The content presented here does not represent CryptoPotato’s opinions on whether to buy, sell or hold any investments.
Source: cryptopotato.com
