The XRP price chart is displaying a familiar historical pattern that previously led to a massive 650X price surge. This pattern, known as the Bollinger Bands, is often used to predict the price movements of a cryptocurrency.
Analyst Says “Big Move Is Coming” For XRP Price
On September 9, prominent crypto analyst, JD identified a unique historical technical pattern in the XRP price chart. According to the analyst, from 2014 to 2017, the XRP price Bollinger Bands had grown thinner, indicating low market volatility and subsequently triggering a massive price surge for the cryptocurrency.
At the time, the Bollinger Bands had pushed the price of XRP as high as 650X, marking new all-time highs for the cryptocurrency. Now, JD has revealed that a similar narrow Bollinger Band technical pattern was developing for XRP in this current cycle, declaring that a “Big move is coming” for the cryptocurrency.
When asked by a crypto community member how XRP could jump to 650x, JD clarified that the cryptocurrency experienced a 659X surge from a 0.06 breakout.
Following the analyst’s discovery of the XRP’s price Bollinger Bands, many misinterpreted his analysis, claiming he was predicting another 650x surge for XRP in this market cycle. JD quickly rebuffed the idea of XRP witnessing such a dramatic surge, highlighting that a 650x price increase was highly unlikely given XRP’s large market capitalization of $33.3 billion.
Instead, he suggested a more attainable price target for XRP, highlighting that a 5x to 10x surge was possible for the cryptocurrency. As of writing, the price of XRP is trading at $0.59, marking a slight 1.48% decrease in the last 24 hours.
A 5x surge from its current price would propel XRP’s price to $2.95. At the same time, a 10x increase would see XRP surpassing previous all-time highs of $3.84 in 2018 to potentially reach $5.9.
JD further disclosed that a price rally to $7 was also possible for XRP. He underscored the importance of taking calculated profits, highlighting that regardless of the numerous bullish predictions for XRP, many investors will fail to take profits and 95% of them will lose at the end of the bull cycle.
$0.55 Price Drop Still Possible
Despite many analysts being significantly bullish on XRP, a crypto market expert, Jay Grissom has offered a more bearish outlook for the cryptocurrency. According to the analyst, XRP’s volume remains critically low, indicating a potential drop to previous lows.
Grissom revealed that he would not be overly surprised if XRP dropped from its current price of $0.59 to $0.55. Although a $0.55 decline may seem like a steep loss, XRP had been consolidating around that price range for years. The analyst remains optimistic, however, believing that a given strong impulsive breakout could drive the price of XRP up to $0.67.
Featured image created with Dall.E, chart from Tradingview.com
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