The XRP price chart is revealing a notable historical trend that previously resulted in an enormous 650X price increase. This trend, referred to as the Bollinger Bands, is frequently utilized to forecast the price movements of cryptocurrencies.
Analyst Predicts “Significant Movement Ahead” For XRP Price
On September 9, well-known crypto analyst, JD spotted a distinctive historical technical pattern in the XRP price chart. The analyst noted that from 2014 to 2017, the Bollinger Bands of XRP had narrowed, signaling low market volatility which eventually led to a substantial price rally for the cryptocurrency.
During that time, the Bollinger Bands had propelled the price of XRP as high as 650X, establishing new all-time highs for the cryptocurrency. Currently, JD has disclosed that a similar tight Bollinger Band technical pattern is forming for XRP in this cycle, asserting that a “Significant movement is ahead” for the cryptocurrency.
When questioned by a community member about how XRP might surge to 650x, JD explained that the cryptocurrency had experienced a 659X increase from a breakout at 0.06.
Following the analyst’s observation regarding XRP’s Bollinger Bands, some misinterpreted his remarks, suggesting he was forecasting another 650x increase for XRP in this market phase. JD promptly refuted the notion of XRP achieving such a dramatic rise, emphasizing the improbability of a 650x price jump given XRP’s substantial market cap of $33.3 billion.
Instead, he proposed a more realistic price target for XRP, asserting that a 5x to 10x surge was feasible for the cryptocurrency. At present, XRP is trading at $0.59, reflecting a slight decrease of 1.48% in the last 24 hours.
A 5x increase from its current value would raise XRP’s price to $2.95. Additionally, a 10x rise could see XRP surpass the previous all-time high of $3.84 from 2018, potentially reaching $5.9.
JD also indicated that a price rally to $7 was within the realm of possibility for XRP. He emphasized the significance of making informed profit-taking decisions, noting that regardless of the numerous optimistic forecasts for XRP, many investors will neglect to take profits, with 95% likely to incur losses by the conclusion of the bull cycle.
$0.55 Price Decline Still Possible
While multiple analysts are quite bullish on XRP, crypto market expert Jay Grissom has presented a more pessimistic view for the cryptocurrency. The analyst states that XRP’s trading volume remains critically low, suggesting a potential decline to earlier lows.
Grissom disclosed that he would not be overly surprised if XRP were to drop from its current price of $0.59 to $0.55. Although a fall to $0.55 may appear significant, XRP has been consolidating around that price range for several years. Nevertheless, the analyst remains hopeful, believing that a strong impulsive breakout could push XRP’s price back up to $0.67.
Featured image generated with Dall.E, chart sourced from Tradingview.com
