Expert Foresees XRP Soaring To $250: Technical Analysis Explained
July 17 2024 - 4:30AM
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Crypto expert “The Great Mattsby” has found something interesting
on the XRP monthly chart: the Bollinger Bands are the smallest they
have ever been. This trend has shown huge price changes in the
past, which has led to rumours that XRP is about to make a big
rise. Related Reading: Shiba Inu Prepares For Major Burn As
Liquidity Surpasses $800 Million Historical Patterns: Previous
Explosions And Current Expectations Mattsby looked at patterns
before XRP’s price shot up after its Bollinger Bands found
themselves in a tight range. One pattern was from September 2016
and March 2017, when its price went up by a huge 60,000%. In
comparison, a similar trend in April 2021 resulted in a relatively
modest 1,000% increase. According to Mattsby, the current situation
is different; the bands are even tighter than previously, implying
an oncoming and maybe bigger price movement. A $250 $XRP by 2028??
So a ±60000% $XRP does line up with the math of that green angle,
which was also a very important support and resistance angle in the
past (highlighted). Proof that its not
impossiblehttps://t.co/LDzEiKjz5Z pic.twitter.com/v0qHTg9MFv — The
Great Mattsby (@matthughes13) July 11, 2024 “It’s like a coiled
spring ready to unleash,” Mattsby explained in his most recent
video. “The breakout force increases as the bands tighten.” This
observation is consistent with the technical notion that low
volatility is frequently followed by periods of high volatility.
XRP’s All-Time High: The Long Road To Recovery It’s been more than
2,000 days since XRP hit a high point of $3.31. The altcoin is
worth $0.5345 right now, which is 84% less than its all-time high.
Mattsby is still hopeful, though. The long time of stabilisation,
along with the extremely tight Bollinger Bands, makes him think
that a big price move is coming. Mattsby saw that the Bollinger
Bands for Bitcoin and Ethereum are not as tight as those for XRP.
This unique thing about XRP’s data makes it stand out. Even though
Bitcoin and Ethereum are strong competitors in the cryptocurrency
market, their Bollinger Bands don’t show that they are about to
break out, he said. XRP market cap currently at $34.2 billion.
Chart: TradingView.com The $250 Prediction Mattsby is so optimistic
that he even dares to say that XRP will hit $250 by 2028. Using
Gann’s theory, he found that the 45° angle was a key level of
support and barrier for XRP’s price history. He thinks XRP will go
in this direction, maybe to test it as support before bursting into
the $250 level of resistance. Related Reading: Big Filecoin Rally
Ahead: Analyst Predicts 4,000% ‘Uphill Run’ Mattsby supported his
projection by using Fibonacci retracement from XRP’s 2013 high to
its 2014 low, finding important levels that XRP may hit. He points
out that the 3.618 extension level is quite near to his $250 goal
price. “If Bitcoin and Tesla can reach comparable Fibonacci
extensions, there’s no reason XRP can’t,” he said. Featured image
from SpaceRef, chart from TradingView
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