XRP fans now have even more cause to be optimistic. On the XRP price chart, a highly interesting trend is being displayed by the well-known technical analysis tool Bollinger Bands, which was created by well-known trader John Bollinger.
More precisely, these bands are getting tighter. These kinds of dynamics typically occur before significant price changes, such as the increases of over 60,000% and 1,000% in 2017 and 2020, respectively.
A massive triangular formation that has been emerging on the price chart of the seventh-largest cryptocurrency as of late positively exacerbates the situation there as well.
Previously, experts in technical analysis as well as regular traders themselves said that XRP may have the largest price breakout in its history if the pattern unfolds as it should.
Common sense or skepticism?
Some viewers of the XRP chart express scepticism towards the idea of this triangle, claiming that it never ends. Though this should be clear because the cryptocurrency market is a heated, chaotic, and unpredictable place where no asset will be steady.
It’s possible to disagree with assertions that XRP is about to have the greatest breakthrough in history. With a market valuation of more than $30 billion, the well-known cryptocurrency has already expanded 650 times.
Do you believe that XRP’s valuation will reach several trillions of dollars in the future? Not even Bitcoin is worth more than $1 trillion. On the other side, XRP targets over $1 appear more doable.
Who knows, perhaps the triangle and the Bollinger Bands will pay off and XRP will reach, what? $3 or $5? That question still has no clear solution.
