Crypto expert “The Great Mattsby” has found something interesting on the XRP monthly chart: the Bollinger Bands are the smallest they’ve ever been. This trend has shown huge price changes prior to now, which has led to rumours that XRP is about to make an enormous rise.
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Historical Patterns: Previous Explosions And Current Expectations
Mattsby checked out patterns before XRP’s price shot up after its Bollinger Bands found themselves in a decent range. One pattern was from September 2016 and March 2017, when its price went up by an enormous 60,000%.
As compared, the same trend in April 2021 resulted in a comparatively modest 1,000% increase. In accordance with Mattsby, the present situation is different; the bands are even tighter than previously, implying an oncoming and possibly larger price movement.
A $250 $XRP by 2028??
So a ±60000% $XRP does line up with the mathematics of that green angle, which was also a vital support and resistance angle prior to now (highlighted). Proof that its not impossiblehttps://t.co/LDzEiKjz5Z pic.twitter.com/v0qHTg9MFv
— The Great Mattsby (@matthughes13) July 11, 2024
“It’s like a coiled spring able to unleash,” Mattsby explained in his most up-to-date video. “The breakout force increases because the bands tighten.” This commentary is consistent with the technical notion that low volatility is incessantly followed by periods of high volatility.
XRP’s All-Time High: The Long Road To Recovery
It’s been greater than 2,000 days since XRP hit a high point of $3.31. The altcoin is value $0.5345 at once, which is 84% lower than its all-time high. Mattsby remains to be hopeful, though. The very long time of stabilisation, together with the extremely tight Bollinger Bands, makes him think that an enormous price move is coming.
XRP up within the last 24 hours. Source: Coingecko
Mattsby saw that the Bollinger Bands for Bitcoin and Ethereum aren’t as tight as those for XRP. This unique thing about XRP’s data makes it stand out. Regardless that Bitcoin and Ethereum are strong competitors within the cryptocurrency market, their Bollinger Bands don’t show that they’re about to interrupt out, he said.
XRP market cap currently at $34.2 billion. Chart: TradingView.com
The $250 Prediction
Mattsby is so optimistic that he even dares to say that XRP will hit $250 by 2028. Using Gann’s theory, he found that the 45° angle was a key level of support and barrier for XRP’s price history. He thinks XRP will go on this direction, possibly to check it as support before bursting into the $250 level of resistance.
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Mattsby supported his projection by utilizing Fibonacci retracement from XRP’s 2013 high to its 2014 low, finding necessary levels that XRP may hit. He points out that the three.618 extension level is sort of near to his $250 goal price. “If Bitcoin and Tesla can reach comparable Fibonacci extensions, there’s no reason XRP can’t,” he said.
Featured image from SpaceRef, chart from TradingView