As a seasoned researcher with a deep understanding of the cryptocurrency market and a particular fascination for XRP, I have been closely monitoring its price movements and chart patterns for years. The recent observation made by the crypto expert known as “The Great Mattsby” about the extremely tight Bollinger Bands on XRP’s monthly chart has piqued my interest.
“The renowned cryptocurrency analyst, ‘The Great Mattsby’, has identified an intriguing development on the XRP monthly chart: the Bollinger Bands have contracted to their lowest levels yet. Historically, such narrow Bollinger Bands have been preceded by significant price fluctuations for XRP, fueling speculation that a substantial increase in value may be imminent.”
Historical Patterns: Previous Explosions And Current Expectations
Matt examined the price trends of XRP prior to its significant surge, which occurred when its Bollinger Bands narrowed down in a confined range. Notably, a pattern from September 2016 to March 2017 stood out, where XRP’s value increased by an astonishing 60,000%.
A comparable development in April 2021 brought about a notable 1,000% growth. However, as per Mattsby’s analysis, the present scenario stands out: the constraints are more stringent than before, suggesting potential for stronger and potentially larger price fluctuations.
A $250 $XRP by 2028??
A change of approximately +60000% in $XRP’s value aligns with the mathematical concept of that significant green angle. This angle has previously served as crucial support and resistance level in the market history (as marked). Evidence suggesting this alignment is not unfeasible.
— The Great Mattsby (@matthughes13) July 11, 2024
As a crypto investor, I’ve noticed in my latest analysis that the market conditions resemble a tightly coiled spring. The pressure builds up as the price ranges narrow, and when the bands eventually break, we can expect significant price swings – a common occurrence in financial markets when volatility is low before a sudden surge.
XRP’s All-Time High: The Long Road To Recovery
Approximately 2,000 days have passed since XRP reached its peak price of $3.31. Currently, the altcoin is valued at $0.5345, representing an 84% decrease from its record high. Despite this significant drop, Mattsby remains optimistic. He believes that the extended period of stability and the narrow Bollinger Bands suggest that a substantial price shift may be imminent.
Mattsby observed that the Bollinger Bands for Bitcoin and Ethereum exhibit less volatility than those for Ripple (XRP). This distinguishing feature of XRP’s data catches his attention. Despite Bitcoin and Ethereum being formidable rivals in the cryptocurrency sphere, their Bollinger Bands don’t indicate imminent breakouts, according to him.
The $250 Prediction
Matt is confidently asserting that the price of XRP could reach $250 by the year 2028 based on his analysis using W.D. Gann’s theory. He identified the 45-degree angle as a significant point of both support and resistance in XRP’s pricing history. Matt anticipates this trend continuing, possibly allowing XRP to touch this price level as support before eventually surmounting it as resistance.
Matt justified his prediction by referencing Fibonacci retracements derived from XRP‘s price history between its 2013 peak and its 2014 low. Notably, he identified significant levels at which XRP might bounce back or reverse, with the 3.618 extension level being close to his projected $250 target. “Given that Bitcoin and Tesla have reached notable Fibonacci extensions, it’s plausible that XRP could experience similar price movements,” he added.
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2024-07-17 11:46