XRP Set To Outpace Bitcoin as Bollinger Bands Tighten

The post XRP Set To Outpace Bitcoin as Bollinger Bands Tighten appeared first on Coinpedia Fintech News

XRP is getting ready for a big move that could outpace Bitcoin. Brett Crypto recently shared that the Bollinger Bands on the XRP/BTC chart have tightened, which usually signals breakout. Experts hint that this move could push XRP up over 30% compared to Bitcoin. Traders closely watch for the bullish signs.

This is a rare phenomenon, and not a regular event. Additionally, XRP’s recent consolidation and its solid support levels further makes the breakout more likely. 

If XRP breaks the resistance at 0.00003079 BTC, it could spark buying pressure and lead to a market recovery. However, if it fails to break out, a steep decline could follow.

According to data from CoinMarketCap, XRP is currently trading at $2.15, down 1.65% in the past 24 hours. Over the past day, its volume has surged over 26% to $1.97 billion, with over $1.87 billion traded on the open market. 

Previously, analyst Dark Defender had predicted that XRP would face resistance around $2.22 and $2.36 and as expected, it dropped to $2.13 yesterday. He believes that XRP is nearing the end of its correction phase could soon start rising.

XRP is entering its 5th Monthly Wave, which is expected to unfold in 5 smaller sub-waves. He expects the initial wave to reach $3. Moving ahead with Wave 3 and Wave 5, he has higher short-term targets of $4.4 and $6.3, with support at $1.88.