Crypto expert “The Great Matsby” has noticed something interesting on the XRP monthly chart: the Bollinger Bands are the smallest they have ever been. This trend has shown huge price swings in the past, leading to rumors that XRP is about to see a big surge.
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Historical patterns: past eruptions and current expectations
Matsby spotted the pattern before the XRP price surge Bollinger Bands It found itself in a tight range. One pattern was between September 2016 and March 2017, when its price rose by a massive 60,000%.
In comparison, a similar trend in April 2021 resulted in a relatively modest 1,000% increase. According to Matsby, the current situation is different; the bands are even tighter than before, which means an incoming and perhaps bigger price movement.
$250 $XRP By 2028??
then ±60000% $XRP This matches up with the math of that green angle, which was also a very important support and resistance angle in the past (highlighted). This is proof that it is not impossible pic.twitter.com/v0qHTg9MFv
— The Great Matsby (@matthughes13) July 11, 2024
“It's like a coiled spring ready to unravel,” Matsby explained in his recent article. Video”Breakout force increases as the bands tighten.” This observation is consistent with the technical notion that periods of high volatility are often followed by periods of low volatility.
XRP hits all-time high: Long road to recovery
More than 2,000 days have passed XRP reached a high point of $3.31. The altcoin is currently priced at $0.5345, down 84% from its all-time high. However, Matsby is still optimistic. Due to the long period of stabilization as well as the extremely tight Bollinger Bands, he thinks a big price change is on the way.
Matsby noticed that the Bollinger Bands for Bitcoin and Ethereum are not as tight as those for XRP. This unique aspect of XRP’s data makes it stand out. He said that even though Bitcoin and Ethereum are strong competitors in the cryptocurrency market, their Bollinger Bands do not show that they are about to break.
XRP market cap currently at $34.2 billion. Chart: TradingView.com
$250 prediction
Matsby is so optimistic that he even dares to say that XRP will reach $250 by 2028. Using Gann's theory, he found that the 45° angle was an important level of support and resistance for XRP's price history. He thinks XRP will move in this direction, perhaps to test it as support before reaching the $250 resistance level.
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Matsby supported his projection by using a Fibonacci retracement from XRP's 2013 high to its 2014 low, which revealed a key level for XRP. He noted that the 3.618 extension level is very close to his $250 target price. “If Bitcoin and Tesla can reach comparable Fibonacci extensions, there is no reason XRP can't do the same,” he said.
Featured image from Spaceref, chart from TradingView
