XRP’s Bollinger Bands Contract, Will Ripple Touch the Bands? By CoinEdition
XRP’s Bollinger Bands Contract, Will Ripple Touch the Bands?
- XRP is trading at $0.382393 and is ranked #7 with a 24-hour trading volume of $1,075,483,406.
- XRP traversing a bullish pennant pattern since last Monday.
- Within 24 hours the price of XRP increased from $0.32- $0.39.
XRP is currently trading at $0.382393 with a 24-hour trading volume of $1,075,483,406. According to CoinMarketCap XRP is ranked #7, with a live market cap of $19,208,517,324 USD.
As shown in the chart below XRP seems to be traversing a bullish pennant pattern since last Monday. If this trend continues then XRP may be targeting hitting the Resistance Level 1 which is around $0.44 – $0.45. Moreover, if the bulls keep pushing hard enough to break the Resistance Level 1 then XRP will take on the next resistance (Resistance Level 2) which is positioned between $0.51 and $0.52.
Notably, XRP was followed by a huge price drop during the last time it touched this Resistance Level 2.
Additionally, the Bollinger bands represented in the chart are contracting, which indicates that the prices will keep moving sideways. However, the bullish pennant indicates that though there will be a drop in prices, XRP will go bullish.
In the event, the Bollinger bands contract and XRP goes bullish and touches the upper band then there will be a trend reversal (bearish) and the opposite could be anticipated if XRP goes bearish and touches the lower Bolling Band.
On November 10 when the XRP price touched the upper Bollinger band there was a trend reversal and a drop in prices, which was then followed by an immediate increase in price. However, since then up until November 14, the reversal in trends when the XRP price intersected the bands have had slight increases or reductions in prices.
Significantly, on November 14, when the XRP touched the lower band, the trend reversed and as a result, XRP experienced a mammoth increase in its price. Within 24 hours the price of XRP increased from $0.32- $0.39. However, on its way up it did hit the upper bands and the trends reversed. Nonetheless, with a small dip in prices, XRP kept its trajectory bullish.
XRP/Tether US-1h-Binance on Trading View
With the bands contracting and the XRP looking bullish we could expect a similar pattern. The price may hit the upper band and reverse the trend, then with a small dip the prices of XRP could go bullish.
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