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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

XRP Price Ready to See Strong Move; What Are Analysts Thinking?

Nick Chong
Nick Chong
5 years ago
2 mins read

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While all eyes have been on Bitcoin as of late, it may be time to pay XRP some heed. A top analyst recently noted that the popular altcoin is on the verge of seeing a bout of strong volatility, with the tug-of-war between both bulls and bears heating up on both sides, creating tighter and tighter price action.

Related Reading: What Miner Capitulation? Bitcoin Miners Confident in Price Prospects

Is XRP Ready to Breakout?

Earlier this week, NewsBTC reported that Bitcoin’s Bollinger Bands on the one-day chart are starting to consolidate, tightening as prices have stagnated in the low-$7,000s range. They imply that the cryptocurrency will soon see a 15%+ move.

This has been echoed by John Bollinger, creator of the indicator himself, saying in a recent tweet that he believes “most cryptocurrencies are at or near Bollinger Band Squeeze levels. Time to pay attention.” Bollinger called the massive 40% move seen at the end of October.

According to Big Cheds, the tightness of Bollinger Bands is especially pronounced for XRP. The trader noted that XRP’s daily Bollinger Bands haven’t been this tight since March, implying that volatility is well on its way.

$XRP #Ripple daily BBs have not been this tight since March, AKA volatility coming#TheStandard pic.twitter.com/5Ozetn0OPF

— Cheds (Trading Quotes) (@BigCheds) December 14, 2019

Related Reading: Bitcoin Poised to Collapse Under $5,000? Market Cycle Fractal Suggests So

Where Will the Crypto Head?

So, in which direction are analysts expecting for XRP to head?

Right now, it seems that the short-term price outlook is positive.

Popular cryptocurrency analyst CryptoWolf recently observed that the altcoin is potentially forming an “ascending triangle bottom,” marked by a series of higher highs, a horizontal upper resistance, and tightening price action that implies a breakout to the upside will take place once the triangle nears its apex.

The assertion that XRP is forming an ascending triangle has been corroborated by CryptoSlate contributor Senor Satoshi, who also recently noted that the cryptocurrency is forming the positive price pattern on the medium-term chart. He noted that a break above the upper boundary of the triangle will result in a 13% surge, which will push prices back to where they were prior to the most recent drop. He added that there is a strong support level around $0.214, adding fuel to the bullish narrative.

#XRP is contained within an ascending triangle.

Breaking the upper boundary will result in a 12.5% surge.

Meanwhile, breaking below the hypotenuse will send $XRP down to $0.198. On the downside, there is strong support around $0.214. pic.twitter.com/YOBNFRNtes

— Ali (@ali_charts) December 12, 2019

Though, the long-term price prospects for XRP are purportedly decidedly bearish. The cryptocurrency has purportedly broken the support of a long-term descending triangle and a long-term uptrend, implying a potential return to $0.05 — 80% lower than current prices — over the coming months.

Related Reading: What’s the Best Way to Drive Bitcoin Adoption? Billionaire Says Crypto Giveaways
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Nick Chong
Nick Chong

Nick Chong

I am a writer who has been following Bitcoin for years now. My insights and interviews have been featured in leading publications in the industry such as LongHash and Decrypt. I own a small amount of Bitcoin.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

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Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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