- The price of ripple has remained stable this week as ripple experts anticipate a significant resurgence in the near future.
Ripple XRP 7.21 percent One of the best-performing cryptocurrencies on Tuesday was XRP, as investors paid attention to the US government’s moves with Bitcoin. According to data from Arkham, the government transferred $2 billion worth of Bitcoin into a custodial account.
As a result, the price of Bitcoin dropped from $70,000 to $66,000 since these fluctuations evoked memories of the German government’s recent $5 billion coin liquidation.
More Bitcoins are owned by Americans than by Germans. According to data, the federal government is in possession of about 220,000 coins worth over $15 billion. Therefore, a decision to liquidate these coins would affect the cryptocurrency market.
A few cryptocurrency traders have a strong bullish position in Ripple, a coin that has underperformed over the last several years. Over the last 12 months, XRP has decreased by 12%, while Bitcoin has decreased by 1.46%. Ethereum and Bitcoin Ethereum eth -1.24% Ethereum saw increases of 127% and 80%, in that order.
Crypto trader Tony Severino reported in an X post that Ripple’s monthly Bollinger Bands have reached their tightest point in years. The price of XRP increased by 6,000% the last time the bands were so tight.
Bollinger Bands are three-line trend indicators that are widely used. The asset’s moving average is shown in the middle, and its standard deviations are shown in the other two. Usually, an asset breaks out or stays in a narrow range for a while before making a breakout.
Sheldon The Ripper, an additional trader on X with around 500,000 followers, observed that the coin was ready for a “mega breakout.” He said that the token has retested a declining trendline on the weekly chart, as can be seen below.
The price of XRP makes a cross
These predictions for XRP align with the news that crypto.news published last week. We noted that the daily chart, where the 200-day and 50-day exponential moving averages converge, was on the verge of producing a golden cross pattern in the piece that concentrated on the daily chart. On Tuesday, that pattern started to emerge.
Furthermore, the price of XRP tested the critical resistance level of $0.6370, which was also its highest point since March. Buyers will probably target the important resistance point at $0.7470, the highest level this year, which is around 20% above the current level, if there is a clear break over that level. This will probably result in more gains.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
