Despite the bloody woman, which occurred on the “streets” of the crypto -market, it seems that this local bear market has not ended. At least this is indicated by Bollinger groups for the third largest cryptocurrency, XRP.
Looking at the token prices for a daily time frame, you can see that after the XRP has grown by 34.27% on Sunday, the price of token finally reached the top strip.
Next, it happened that the price of XRP fell directly from this upper strip and broke the average curve of $ 2.50. And we are talking about daily time frames that only strengthen behavior in Bolinger groups. Since the lower strip currently extends at the level of 2.04 dollars, the bias is to check the reaction of customers and the strength of sellers there.
Right now, the price of the XRP is $ 2.32, so the fall of up to $ 2.04 will mean another 11%.
Bollinger groups are similar to magnets pulling the price action in all directions. On Sunday, the Verkhny Bolinger group could cause some profit or sell panic after the impulse stopped.
But the question remains: is the XRP price for a short fall or a longer period of consolidation is directed?
We cannot predict the future, but we can manage the risk. Right now, it seems, the market can test the lower Bollinger strip. Traiders should be prepared for some volatility and great unpredictability in the short term.
