Top Ripple Price Predictions As of Late, How High Can XRP Go?

TL;DR

XRP fell to around $0.56, but some analysts see a trend reversal for the asset Tighter Bollinger Bands and a low RSI suggest a possible rise in the price of the Ripple token.

XRP ‘Breakout’ Incoming?

While Ripple’s XRP rallied above $0.60 last week, the broader crypto market’s decline dampened its recovery in recent days. It is currently worth around $0.56 (according to CoinGecko data), which represents a 6% drop on a weekly basis.

XRP Price, Source: CoinGecko

Despite the shaky performance, some analysts remain optimistic that XRP could be on the verge of a rally. User X Mikybull Crypto presented a chart showing that the volatility of the asset has fallen below the level of 2017. The consolidation seen seven years ago was followed by a massive resurgence in XRP, with the analyst predicting the same scenario in the near future.

Another crypto enthusiast who believes the token’s valuation could head north soon due to reduced volatility is user X JD. Earlier this week, he noted that the Bollinger Bands have opened significantly.

The technical analysis tool, introduced in the early 1980s by John Bollinger, helps traders identify overbought or oversold conditions, as well as potential price breakouts or reversals. When the metric’s bands are tight, it indicates that the token has experienced low volatility for an extended period and can be set up for a wild move in either direction.

Also, Crypto Tony (an X user with almost 450,000 followers) paid attention to a chart showing that XRP has been fluctuating between $0.41 and $0.65 in recent months. They believe a “break” to the upside is “coming,” saying they’ll “play it when it comes.”

What does the RSI suggest?

The Relative Strength Index (RSI) is a momentum oscillator used in technical analysis to measure the speed and change of price movements. It helps traders identify potential buying or selling opportunities based on the strength of a cryptocurrency’s recent performance.

The index ranges from 0 to 100, with readings above 70 indicating overbought conditions and indicating a potential pullback. On the other hand, anything below 30 is considered bullish for the asset price.

Although XRP’s RSI touched 70 a week ago, it has been experiencing a decline recently. It fell to almost 30 on August 28 and is currently pegged at 37.

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