The XRP price has managed to maintain critical support levels, leading to continued bullishness around the asset. Crypto analysts have pointed out three major metrics that indicate the continuation of the rally, including the Bollinger Bands Width (BBW), the Bollinger Bands %B, and the upper Bollinger Bands.
Reasons Why The XRP Price Is Very Bullish
The BBW for XRP has reached its second tightest level ever, and the Bollinger Bands %B has moved above the 0.5 level, suggesting a possible breakout. Additionally, the XRP price has broken out of the upper Bollinger Band, which is seen as a buy signal for the digital asset.
The 1M Japanese Candle Reappears
Tony The Bull also highlighted that the 1-month (1M) Japanese Candlestick has returned on the XRP chart. This candlestick previously triggered a surge in 2017, and if history repeats itself, it could see the altcoinβs price cross $2 once more.
Egrag Crypto maintains a bullish stance, expecting the price to recover above $1.5 and signaling an end to the downtrend if it breaks above $0.66 and sustains confirmatory candle formations.
Hot Take
The XRP price remains in a critical position despite multiple bullish predictions by analysts over recent months. After reaching a local peak in July following Rippleβs legal victory, the altcoin has struggled to reclaim this peak and continues to hover around $0.7.
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