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HomeCrypto NewsMarketAnalyst Predicts XRP to $150 As XRP Flashes Strong Buy Signal on Bollinger Bands

Analyst Predicts XRP to $150 As XRP Flashes Strong Buy Signal on Bollinger Bands

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XRP flashes buy signal on the daily Bollinger Bands indicator, with a market analyst predicting a rally similar to the 2017 uptrend in a push toward $150.

Tony “The Bull” Severino, chartered market technician and founder of CoinChartist, identified this buy signal in a recent analysis. An accompanying chart details how XRP collapsed toward the lower daily Bollinger Band amid the latest market correction.

XRP Rebounds as Bullish Sentiments Return

The German government’s Bitcoin (BTC) sales exacerbated the pressure on the market, leading to steep declines between July 4 and 8. These declines led to XRP retesting the lower Bollinger Band and even dropping below it on multiple occasions.

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However, after the German government emptied their BTC stash, bullish sentiments returned. Remarkably, XRP spiked 40% from the $0.4032 low on July 8 to a three-month high of $0.5661 on July 13. This coincided with the anniversary of the ruling in the Ripple v SEC case, which declared XRP a non-security.

A Buy Signal on the Bollinger Bands

After hitting $0.5661, XRP witnessed a mild correction, but has maintained its hold above $0.52. Meanwhile, amid the latest uptrend, Severino emphasized that XRP had flashed a buy signal with the Bollinger Bands. A decisive close above the upper Bollinger Band ($0.5293) could supply the bullish momentum necessary for another leg up.

However, for XRP to maintain this uptrend, several bullish factors must align. For one, a high trading volume is essential to support the price movement. This ensures that the surge receives sufficient backing from significant investor interest. 

Nonetheless, XRP has witnessed a 46% drop in volume over the past 24 hours, currently sitting at $1.47 billion. This indicates reduced buyer interest as the rally faces a roadblock. Interestingly, despite the drop in trade volume, XRP is observing spikes in daily active addresses, Santiment data confirms

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XRP 24H Active Addresses Santiment
XRP 24H Active Addresses | Santiment

Analyst Sets a $150 XRP Price Target

While Severino expects another push up, he fails to make any price projections. However, Javon Marks, another analyst has set an audacious target for XRP. In a recent analysis, he called attention to a coil pattern taking the form of a symmetrical triangle. This pattern, identified on the 18-day chart, has prevailed since 2018. 

According to Marks, XRP is on the verge of breaking above this symmetrical triangle after six years. He believes XRP has the potential to repeat its historic 2017 upsurge. According to the analyst, such a repetition could push XRP by 300x to an ambitious $150 price target.

Meanwhile, XRP has surged 26% over the past 7 days, with the RSI at 65 and stabilizing, indicating it is not yet overbought. The rally has paused, and XRP is in a consolidation phase. With its trading volume down 46%, XRP is currently witnessing a decrease in buying momentum. 

XRP Daily Chart
XRP Daily Chart

Despite this, the MACD line remains above the Signal line, suggesting that it has maintained the bullish potential. Nonetheless, for the uptrend to resume, XRP must see a renewal of buying interest and an increase in buying volume. 

DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.

Author

Sam Wisdom Raphael
Sam Wisdom Raphael
Sam Wisdom Raphael is a seasoned crypto news writer and journalist with 5 years of experience covering blockchain, DeFi, and crypto developments. Sam's active presence in the crypto community complements his deep understanding of the crypto space, allowing him to craft comprehensible price analysis reports and tackle technical blockchain concepts.

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