XRP Price Could Jump 50% In "Coming Months" as Accumulation Pattern Forms 14
XRP News

XRP Price Could Jump 50% In “Coming Months” as Accumulation Pattern Forms

By Nick Chongon

While all eyes have been on Bitcoin as of late, it may be time to pay XRP some heed. A top analyst recently noted that the popular altcoin is on the verge of seeing a bout of strong volatility, with the tug-of-war between both bulls and bears heating up on both sides, creating tighter and tighter price action.

This has resulted in John Bollinger, creator of the Bollinger Band indicator himself, saying in a recent tweet that he believes “most cryptocurrencies are at or near Bollinger Band Squeeze levels. Time to pay attention.” Bollinger called the massive 40% move seen at the end of October.

According to Big Cheds, the tightness of Bollinger Bands is especially pronounced for XRP. The trader noted that XRP’s daily Bollinger Bands haven’t been this tight since March, implying that volatility is well on its way.

So, in which direction are analysts expecting for XRP to head?

Right now, analysts are saying that it seems the short-term and medium-term price outlook for the cryptocurrency is decidedly positive.

XRP May See 50% Bounce

According to cryptocurrency analyst Calmly, the one-week XRP to BTC chart is showing signs that the cryptocurrency is undergoing a bullish accumulation phase above a key support level, implying that a 50% move up could take place in the coming months.

This optimism has been echoed by CryptoWolf, who, as reported by Ethereum World News previously, recently observed that the altcoin’s USD pair, not BTC pair, is potentially forming an “ascending triangle bottom,” marked by a series of higher highs, a horizontal upper resistance, and tightening price action that implies a breakout to the upside will take place once the triangle nears its apex.

The assertion that XRP is forming an ascending triangle has been corroborated by CryptoSlate contributor Senor Satoshi, who also recently noted that the cryptocurrency is forming the positive price pattern on the medium-term chart. He noted that a break above the upper boundary of the triangle will result in a 13% surge, which will push prices back to where they were prior to the most recent drop. He added that there is a strong support level around $0.214, adding fuel to the bullish narrative.

Do Bears Still Have a Grip?

Calmy’s assertion that XRP may see 50% gains over the coming months goes against the assertion of other prominent analysts that the cryptocurrency is on the edge of a cliff.

One trader remarked that the cryptocurrency is in clearly long-term bearish territory, with the XRP chart clearly showing signs that the  “distribution” phase of the asset is coming to an end, implying a markdown will come next. This has been corroborated by the fact that the cryptocurrency has broken below a descending triangle and that a key uptrend line has been lost.

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