XRP has been projected to hit $17 due to the tightening of the Bollinger Bands which usually triggers a surge in volatility and a subsequent jump of the underlying asset.
Another analyst observes the formation of a rare pattern in the XRP/BTC chart which could lead to the breaking of a 40-day resistance channel.
XRP’s significant move above the $0.5 resistance level after a prolonged period of consolidation appears threatened by a sudden nosedive triggered by an unexpected bearish phase resulting in a 2% decline in the last 24 hours, 16.8% decline in the last 30 days, and an 18% fall from year-to-date.
XRP’s recent retracement comes after retesting the 50-day EMA ($0.5723) on April 22 as part of the post-Bitcoin halving impact. Interestingly, this was short-lived as the market experienced a three consecutive days decline with a cumulative loss of 5.59% and a 15.73% fall since April 11.
However, market analysts remain bullish with the host of the Good Morning Crypto Sho
