Ripple (XRP) ‘Set for a Mega Pump,’ Say Analysts

Experts believe that Ripple’s XRP will respond to the present market climate and could possibly reach similar heights of 2017. A possibility of a large price increase is indicated by the lower XRP selling pressure demonstrated by the decrease in its volume in exchanges.

Blood in the Eyes of Pfizer: Where Is the ‘Euphoric Phase’ on the Horizon?

Ripple has remained somewhat volatile in recent weeks, XRP is down 7% over the last two weeks. This was mainly the result of declining sales and operating costs and reached a new local low of about $0. 50 before rising slashing back to $0. 53 as per the valuation at CoinGecko.

However, there are some analysts predicting the possible price raise resembling the 2017’s upturn. One of the popular gurus on X is EGRAG CRYPTO, and they opine that similar to what was witnessed when XRP shot up from $0. From $ 2. 25 in December 2017 to be exact, to its highest value in April this year, which is $3. 40—a staggering 1,250% increase. , which, if this trend reoccurs, could propel XRP to new highs of about $7. 20.

“XRPArmy, remain calm. According to this pattern, it is time for the XRP MEGA PUMP,” EGRAG CRYPTO wrote.

On the week, The Great Mattsby remarked that Bollinger Bands for XRP is in the tightest monthly condition since 2017. As a technical tool applied to determine reversal points, this raises the possibility that the XRP is getting ready to either shoot up or drop massively. In the past, such narrow Bollinger Bands have pointed to a probable eruption of price rise in a specific stock.

Declining XRP Supply: Well, do not consider this as my guess but according to the technical view this is another bullish indication.

Furthermore, there is a great fundamental characteristic that we see when analyzing the supply and demand situation of XRP: The relative supply in the exchange market has continued to decline. Recent newsletter indicate that the volumes of XRP held on trading platforms has reduced to a seven month low. Such decrease usually indicates investors are transferring their assets from exchanges to personal wallets which might reduce short-term selling pressure and lead to possible pump.

By including relevant keywords and linking to related articles, the rewritten content aims to provide comprehensive information while enhancing search engine optimization for CryptoTelegraphs.

Join Telegram Channel For Daily New update: https://t.me/cryptotelegraphs_updates