Bitrabo Editorial
The XRP price chart reveals a repeating historical trend that once resulted in an impressive 650-fold price increase. This trend, referred to as the Bollinger Bands, is frequently utilized to forecast the price shifts in cryptocurrencies.
Analyst Predicts Significant Change Ahead for XRP
On September 9, well-known crypto analyst JD highlighted a notable historical pattern in the XRP price chart. He pointed out that between 2014 and 2017, the Bollinger Bands for XRP narrowed, signaling lower market volatility and subsequently leading to a massive price rally for the cryptocurrency.
During that time, this unique pattern pushed XRP to a remarkable 650-fold increase, reaching all-time highs. Currently, JD suggests that XRP is displaying a similar narrow Bollinger Band setting, asserting that a “significant movement is imminent” for the asset.
When questioned by a member of the crypto community about the possibility of XRP achieving a 650x increase again, JD clarified that XRP had previously surged by 659x from a breakout at $0.06.
After JD’s findings regarding the Bollinger Bands, some misunderstood his analysis, suggesting he was forecasting another 650x increase in this market phase. JD swiftly dismissed this notion, explaining that a 650x surge is improbable due to XRP’s substantial market cap of $33.3 billion.
Instead, he recommended a more realistic price target, asserting that a gain of 5 to 10 times is feasible for XRP. Currently, XRP is trading at $0.59, reflecting a slight decline of 1.48% within the past day.
For context, a 5x increase from this price would elevate XRP to $2.95, while a 10x surge could see it surpass the 2018 record of $3.84, potentially reaching $5.9.
JD also mentioned that a price rise to $7 is achievable for XRP, stressing the necessity of strategic profit-taking. Despite the bullish outlook for XRP, he cautioned that numerous investors might miss their profit-taking opportunities, leading to losses for 95% by the end of the bull market.
Possible Drop to $0.55
Although many analysts maintain a positive outlook on XRP, market expert Jay Grissom has given a more pessimistic perspective. He noted that XRP’s trading volume remains worryingly low, suggesting a possible dip to earlier price levels.
Grissom mentioned that he would not be surprised if XRP fell from $0.59 to $0.55. While this reduction may appear significant, XRP has remained stable around that price for years. Still, he is hopeful that a strong market breakout could drive XRP up to $0.67.