Tony Severino, a researcher and certified market technician, suggests that XRP could reach the 60,000% mark, just like it did six years ago.
This opinion is based on his observation that XRP’s monthly Bollinger Bands are currently the tightest they’ve ever been. Severino noted that the monthly squeeze is even worse than it was in 2017, just before XRP’s more than 60,000% rally.
XRP as Bollinger Bands Tighten Earlier
Notably, in February 2017, the last time XRP saw a significant Bollinger Bands squeeze, the asset was trading with two leading zeros at around $0.0055.
This previous squeeze led to a significant rally in the market, which resulted in XRP reaching its all-time high of $3.84 on January 4, 2018. This rally represented a staggering 69,718% increase from $0.0055 over the course of a year.
With Bollinger Bands now showing a similar pattern, technical analysts like Severino are expecting another wild rally in XRP.
These observations come at a time when XRP has underperformed in a bull market. Although XRP’s trajectory has improved significantly this month after 65% promotionIt still lags behind the top tokens.
Specifically, data from market tracker CoinCodex shows that 90 of the top 100 crypto assets outperform XRP in annual returns. In other words, XRP outperforms only nine crypto assets among tokens with a billion-dollar market cap.
Will Bollinger Bands Take XRP to $420?
Meanwhile, market watchers are confident of an unexpected reversal in XRP based on the predictions of various technical indicators.
Notably, the currently narrowed Bollinger Bands seen in XRP suggest low market volatility, typically seen during periods of consolidation when price movement is minimal. Severino is among a growing number of market analysts highlighting that XRP Bollinger Bands Reach Tightest Point Ever
XRP is trading at $0.5992, after a 2% decline over the past day. In a hypothetical scenario where XRP replicates the 700x jump seen in the last observation, the asset would reach a price of $420.
However, market participants are increasingly skeptical of this prospect. Some, even among XRP enthusiasts, claimed that charts have been irrelevant for predicting XRP’s trajectory for many years now and will remain so in the future.
Others believe that the three-digit value purely speculative and unrealistic for a $33 billion cryptocurrency like XRP.
