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XRP May Be Heading for a Major Price Surge – Here is Why

July 30, 2024 13:37 1 min. read
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XRP May Be Heading for a Major Price Surge – Here is Why

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.

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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.

Deyan Angelov
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Active crypto trader who also follows news related to stocks, the S&P 500, and gold. Deyan enjoys staying physically active, trains regularly, and practices calisthenics. He also likes reading sci-fi books when he has the time.
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