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- An analyst predicts a major move for XRP, supported by Bollinger Bands narrowing and whale accumulation.
- Ripple whales accumulate 50 million XRP, signaling strong institutional confidence in the token’s future.
In a tweet, popular analyst and trader Jaydee has made an important remark about XRP, underscoring the relevance of the Bollinger Bands (BB) indicator in anticipating large price movement. Jaydee believes that when the Bollinger Bands thin, it usually indicates that a significant shift is about to occur.
#XRP – Bollinger Bands – When BB get thinner, it means a BIG move is coming! BB got thinner last two cycles that led to a 10x-650x in a year!
I called bottom, I'll call TOP next! Posting HUGE 5 chart update on Patreon/Discord next week w/targets!
400 Retweets for update on X!… pic.twitter.com/IlkI0BmwqK
— JD 🇵🇭 (@jaydee_757) August 26, 2024
Historical Pattern Suggests a 10x-650x Surge Could Be on the Horizon
Historical pattern backs up this theory, as the prior two cycles of thinner BBs coincided with price increases ranging from 10x to 650x within a year. This pattern has piqued the interest of the XRP community, with many keen to see what the current shrinking of the BB means for the crypto’s future.
Jaydee is not alone in his optimistic perspective. As we previously reported, another well-known analyst is optimistic about the Ripple token, anticipating a historic price increase.
This analyst has pointed out the emergence of a seven-year bull pennant, a technical pattern that frequently indicates the continuance of an uptrend.
Based on this pattern, they’ve set a $2 price goal for XRP as the next major milestone. Such prophecies have boosted the confidence of XRP holders, who are eagerly watching market events for any signs that these predictions would come true.
Beside that, according to CNF, Ripple whales just made a significant move by amassing over 50 million XRP in just 24 hours. This flood, at around $29.5 million, demonstrates tremendous institutional trust in XRP’s future.
The accumulation by these large holders demonstrates not only their conviction in XRP’s future possibilities, but also the growing interest in the coin among major investors.
Corporate XRP holdings have also grown significantly, currently accounting for more than 20% of the total, making it the fourth most popular cryptocurrency among major corporations. This move in corporate holdings adds to the impression that XRP is being recognized as a significant asset in the larger cryptocurrency market.
Meanwhile, XRP is currently trading at around $0.5828, down 0.80% over the last 24 hours. Despite this, trading volume increased by 49% to $1.66 billion.
