Ripple (XRP) Up 5% Hourly Despite Global Market Correction – Details

TL;DR

XRP price moved back north, breaking above $0.63. Compressed Bollinger Bands and other metrics indicate that the rally may reach large dimensions.

Ripple’s XRP is currently the best performing cryptocurrency on the top 100 list, with a price increase of 5% hourly and above $0.63.

XRP Price, Source: CoinGecko

Its impressive rally comes despite the prevailing correction in the sector. Bitcoin (BTC) fell from nearly $70,000 on July 29 to roughly $66,500 at the time of writing, while Solana (SOL) and other well-known altcoins have performed even worse.

The exact reason for the latest XRP bomb remains unknown.

As reported by CryptoPotato today, the monthly Bollinger Bands were squeezed like never before. The technical analysis tool is used to measure market volatility and potential price movements. When the bands are tight, it indicates that the token has experienced low volatility for an extended period of time and could be preparing for a massive swing in either direction.

The increase in the price of XRP coincides with the increase in the trading volume of the asset. The number has reached almost $1.7 billion in the last 24 hours, surpassing Binance Coin (BNB), whose daily trading volume is less than $1 billion, and Dogecoin (DOGE), which has recorded roughly $790 million of dollars

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