The cryptocurrency market has been witnessing the rise of Ripple’s XRP over the years. Despite its legal battle with the Securities and Exchange Commission (SEC) of the United States, the asset has managed to remain at the top. While its investors barely made gains for years, the dynamics of the market were changing. Amidst this, an analyst had bullish news for the community.
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XRP Investors In For A Treat?
Prominent analyst Steph predicts a notable surge. He thinks that XRP holders may become “the richest people you know” as a result of such a rise. The expert highlighted key indications in his study, such as the 4-hour chart’s Bollinger Bands.
Now, the volatility-tracking Bollinger Bands is growing, a trend that frequently results in significant price changes. Notably, he verified that XRP surged 132% from its swing low to its swing high in November. This is when the Bollinger Bands expanded.
In addition to this, the moves under comparable patterns rallied at 120% and 53%. The latest growth indicates that XRP may be poised for another significant breakout, according to Steph.
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Current State of the Market
Ripple’s cryptocurrency has been moving slower than expected. The altcoin went from trading at a high of $2.71 all the way down to a low of $2.48. Despite this, the weekly uptick of the asset remains at a positive 9%. At press time, XRP was trading at $2.56. Sadly, over the past 24 hours, the asset dropped by nearly 5%.
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In case XRP witnesses a spike over the next couple of months, investors could pocket major profits. The launch of the much-awaited stablecoin RLUSD could also accelerate the process of recording a notable peak for the asset. XRP currently remains 33% below its all-time high of $3.84.