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XRP May Be Heading for a Major Price Surge – Here is Why
July 30, 2024 13:37 1 min. readWe may earn commissions from affiliate links or include sponsored content, clearly labeled as such. These partnerships do not influence our editorial independence or the accuracy of our reporting. By continuing to use the site you agree to our terms and conditions and privacy policy.
XRP, currently priced at $0.62, might be on the brink of a significant upswing, despite its recent struggles.
Analyst Tony Severino of CoinChartist suggests that historical patterns and technical indicators are setting the stage for a potential bull run.
The tightening of Bollinger Bands, a key volatility measure, often signals imminent price movements. XRP’s bands are now more compressed than they were before its 2018 surge.
This pattern has previously led to substantial price rallies, including a notable rise in Bitcoin last August.
Additionally, XRP’s price is being affected by the ongoing SEC lawsuit against Ripple. Although Ripple’s CEO has hinted at a possible resolution, the case continues to contribute to market uncertainty.
Crypto analyst HaraldoXRP notes that XRP’s Relative Strength Index (RSI) is poised to break a long-term downtrend, a pattern that historically precedes major price increases.
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