Bollinger Bands Indicate XRP Price Surge Ahead Despite SEC Challenges: Expert

Name	Symbol	Market	Market Cap ($)	Algorithm
Bitcoin	BTCUSD	Crypto	1,919,246,648,948	SHA-256d

Name

Symbol

Market

Market Cap ($)

Algorithm

Bitcoin

BTCUSD

Crypto

1,919,246,648,948

SHA-256d

	Price Change	Price Change %	Current Price	Bid Price	Offer
	-267.35	-0.28%	96,939.41	96,937.85	96,937.86

Price Change

Price Change %

Current Price

Bid Price

Offer

-267.35

-0.28%

96,939.41

96,937.85

96,937.86

High Price	Low Price	Open Price	Prev. Close	52 Week Range
97,387.98	95,825.60	97,010.76	97,206.76	38,501.00 - 108,388.88

High Price

Low Price

Open Price

Prev. Close

52 Week Range

97,387.98

95,825.60

97,010.76

97,206.76

38,501.00 - 108,388.88

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	10:59:23	0.001642	96,937.85	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

10:59:23

0.001642

96,937.85

USD

Price x Volume	Volume	Base Symbol	Related Pairs
238,087,185.30	2,463.47	BTC	BTCEUR	BTCGBP	ETHBTC

Price x Volume

Volume

Base Symbol

Related Pairs

238,087,185.30

2,463.47

Bollinger Bands Indicate XRP Price Surge Ahead Despite SEC Challenges: Expert

05/10/2024 9:00am

NEWSBTC

The XRP price experienced a notable recovery last week, reaching a seven-month high of $0.665 last Sunday. This surge was primarily driven by a broader market rally and bolstered by excitement surrounding crypto asset manager Bitwise’s filing for an XRP exchange-traded fund (ETF) earlier this week. However, the enthusiasm was short-lived. XRP has since lost nearly 12% of its value on the weekly time frame, following the US Securities and Exchange Commission’s (SEC) decision to appeal a partial victory for Ripple, the blockchain payments company associated with XRP. XRP Price Strength During Legal Battles The SEC’s appeal has sent ripples through the cryptocurrency community, raising concerns about the future of XRP and its regulatory status. Market expert Bobby A addressed these concerns in a recent social media post, arguing that the macro charts do not indicate the onset of a prolonged bear market for the XRP price due to the appeal. Instead, Bobby A suggests that such events often lead to missed opportunities for “uninformed or impatient investors” who may react impulsively to market news, and claims that despite these short-term challenges, the token can continue its upward trajectory in the coming months. Related Reading: Analyst Says Bitcoin Crash Might Not Be Over, Why $60,365 Is Important The expert points out that the XRP price has shown resilience in the face of regulatory challenges. For example, during the SEC lawsuit that began in 2020, XRP was able to rise from $0.11 to $1.95 despite significant legal headwinds. Bobby A emphasizes that the XRP price has been consolidating sideways for nearly seven years, indicating a strong macro base that could pave the way for future price appreciation. No Indications Of A Bear Market From a technical analysis perspective, Bobby A highlights that the monthly time frame for the XRP price reveals critical patterns. Following Bitcoin’s Halving cycles, XRP has historically experienced rapid price surges during cyclical rotations of momentum oscillators. This pattern was evident in previous years, particularly in 2017 and 2020. Moreover, the Bollinger Bands—a technical indicator that measures market volatility—are currently at their tightest levels in XRP’s history. The expert suggests that tight Bollinger Bands often precede significant price movements, which can be “deceptive at first,” as they may initially mislead market participants. Bobby A argues that current market conditions should not be misinterpreted as the start of a bear market. Instead, he suggests that XRP is positioned for potential capitulation in “deep value areas.” With legal clarity, a real use case and what he sees as the imminent ETF, he believes XRP is poised for mass adoption. Related Reading: Bitcoin Miner Selloff Is Calming Down: Green Sign For Rally To Continue? Finally, the market expert pointed to the upcoming US general election, which could play a crucial role in XRP’s future. Bobby speculated that if former President Donald Trump is re-elected, it could lead to significant changes within the SEC, potentially alleviating some of the regulatory concerns that have plagued the asset. At the time of writing, XRP is trading at $0.522, up 0.6% over the past 24 hours. Featured image from DALL-E, chart from TradingView.com

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