Here’s Why Ripple (XRP) Could Be Poised For A ‘Big Price Move’

TL;DR

XRP is up 230% year-to-date, with analysts pointing to tightening Bollinger bands and similarities to pre-2017 bullish patterns as signs of a potential rally. Some market watchers suggest that the price could reach $4 or even much higher, supported by declining market holdings, which reduces immediate selling pressure. Big XRP rally on the way?

Ripple’s XRP has been one of the worst performing leading cryptocurrencies over the past seven days. On December 30, it briefly dipped below $2 before recovering some losses to the current $2.07 (according to CoinGecko data).

XRP Price, Source: CoinGecko

Despite the bearish outlook of the last week, 2024 has been a very successful year for XRP. Remember, it was worth around $0.62 at the beginning of the year, which means it has seen a 230% price increase since then. Several analysts believe it has much more room for growth.

One of them is Ali Martinez, who claimed that the Bollinger Bands on the token’s price chart have tightened recently, indicating a “big move” underway.

Developed by John Bollinger in the early 1980s, this technical indicator helps traders detect when an asset may be overbought or oversold and spot potential price breakouts or reversals.

The narrowing of the bands means that XRP has experienced relatively low volatility for an extended period of time and could be headed for a major rally (or correction).

JAVON MARKS remains optimistic and suggested that the current price condition of XRP is very similar to what happened in 2017 (shortly before the bull run that took it to a new all-time high of over $3.4) .

“Prices right now may just be getting ready to break out of an ‘intermediation phase’ before another ‘breakthrough’ bull rally! It may be time to buckle down,” opined l ‘X user.

Previous predictions

Other market watchers who have set bullish targets for Ripple’s native token include Mikybull Crypto and Coach, JV. The former expects a rise to a new peak of $4, while the latter thinks XRP would be one of those cryptocurrencies that investors will regret not buying at current prices:

“XRP is going to be one of those assets where people say, ‘I could have bought XRP at $2, $5, $7, and FOMO at $100.’ the one that destroys wallets!”

Meanwhile, the amount of XRP stored on exchanges has been decreasing over the past week. This suggests a shift from centralized platforms to private wallets and could be considered bullish as it reduces immediate selling pressure.

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