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Here’s Why Ripple (XRP) Could be Poised for a ‘Big Price Movement’
Ripple’s XRP has been making waves in the crypto space, with some experts predicting that it could be poised for a significant price movement. As of writing, the cryptocurrency is up 230% year-to-date, and while some may argue that this is unsustainable, there are several indicators that suggest otherwise.
One such indicator is the tightening Bollinger Bands on XRP’s chart. This technical tool, developed by John Bollinger in the early 1980s, helps traders detect potential price breakouts or reversals when an asset becomes overbought or oversold. As it stands, the narrowing of these bands suggests that the cryptocurrency may be on the verge of a massive rally.
Other analysts have noted that the current market conditions bear striking similarities to those seen in 2017, just before the start of an unprecedented bull run. If history is any guide, this could mean that XRP has yet to peak and will not stop until it reaches new heights.
Furthermore, the decline in exchange holdings over the past week may also be indicative of a price surge. With fewer assets held on centralized platforms, there is less immediate pressure for selling, allowing traders to focus on the long-term prospects rather than short-term losses.
Source: cryptopotato.com
