XRP Catches the Attention of Traders With a New Buy Signal

The daily Bollinger Bands indicator shows potential for a surge. Market analyst Tony “The Bull” Severino, founder of CoinChartist, spotted this signal.

Cryptocurrency XRP has attracted attention with a new buy signal, as spotted by market analyst Tony “The Bull” Severino.

According to Severino, XRP fell to the lower Bollinger Band during the recent market correction. The token dipped below the lower Bollinger Band multiple times, indicating bearish pressure.

However, once Germany sold off its Bitcoin, bullish sentiments returned to the market. XRP surged 40%, moving from a low of $0.4032 on July 8 to a high of $0.5661 on July 13.

This rise coincided with the anniversary of the Ripple v. SEC case ruling, which deemed the token a non-security. After hitting $0.5661, the token corrected slightly but remained above $0.52.

Severino noted that XRP’s buy signal with the Bollinger Bands could lead to further gains. A close above the upper Bollinger Band ($0.5293) could propel the next leg up.

To sustain this movement, high trading volume is crucial, ensuring strong investor support. However, XRP’s volume dropped 46% in the past 24 hours, decreasing to $1.47 billion. This decline suggests waning buyer interest.

Despite this, daily active addresses have increased, as indicated by Santiment data.

While Severino remains cautious with predictions, analyst Javon Marks is more optimistic. He highlighted a symmetrical triangle pattern on the 18-day chart, which has been present since 2018.

According to Marks, the token could break out from this pattern, potentially repeating its 2017 upsurge and reaching $150—a 300x increase.

XRP has surged 26% over the past week. The RSI stands at 65, indicating it’s not overbought yet. Despite a consolidation phase, the MACD line remains above the signal line, hinting at sustained bullish potential.

For the rally to continue, XRP needs renewed buying interest and increased volume. As the token consolidates, the market watches closely. The buy signal on the Bollinger Bands, increased daily active addresses, and historical patterns suggest a significant move could be on the horizon.

The above is the detailed content of XRP Catches the Attention of Traders With a New Buy Signal. For more information, please follow other related articles on the PHP Chinese website!