The XRP price is down 4% in the last 24 hours but remains 25% up on the month to sell for $0.613 as of 8:20 AM EST.
Trading volume for the payments token is up 3%, which points to growing attention after a trader expressed optimism for Ripple’s price.
Just need to hold 0.61c for continuation up legends .. That is my simple request to the bulls this weekend pic.twitter.com/PgYZkFVho7
— Crypto Tony (@CryptoTony__) November 10, 2023
Crypto Tony predicted that XRP price holding above $0.6100 would be a good sign for Ripple’s upside potential.
Meanwhile, another analyst, Tony “The Bull,” has observed how the Bollinger Band Width indicator hints at an impending bullish move for XRP price.
I find it challenging not to be bullish on $XRP just glancing at this
––BBW is the second tightest ever
–– %B is above 0.5 suggesting bullish price action
–– Price poked out of the upper Bollinger Band – closing above it is a breakout buy signal pic.twitter.com/H2qW6SuNJw
— Tony “The Bull” (@tonythebullBTC) November 15, 2023
Holding that the “bullishness around XRP price has still not waned,” The Bull acknowledges that the altcoin has managed to maintain critical support levels, which is a good sign. He alludes that optimism for the XRP price to register a do-over remains bolstered by several insights from analysts to support the bullish thesis.
Key Metrics Supporting The Bullish Outlook For XRP Price
Tony The Bull explains why XRP price remains bullish, citing three qualifications bordering along the Bollinger Bands indicator.
He observes that the Bollinger bands, which measure price volatility, have reached the second-tightest level ever for XRP price. Also, the %B of the same indicator has moved above the 0.5 level, pointing to a potential breakout.
The third reason why XRP remains bullish, according to Tony The Bull, is that the XRP price has broken above the upper Bollinger Band. This is often interpreted as a buy signal.
XRP Price Prognosis As Ripple Price Coils Up For A Move North
XRP price is coiling up for a move north after filling a symmetric triangle and breaking below its lower boundary. After a prolonged downtrend of the Relative Strength Index (RSI), which pointed to falling momentum, it is now deviating from the south. This shows bullish resolve that could bode well for Ripple’s price if sustained.
The Awesome Oscillator (AO) is also holding above the positive territory, suggesting the bulls maintain a presence.
Increased buying pressure could see XRP price reclaim above the lower boundary of the triangle above $0.6599. In a highly bullish case, drawn to the fair value gap (FVG), Ripple price could fill the inefficiency extending from the $0.7000 psychological level to just below the $0.8000 psychological level.
In highly ambitious cases, the XRP price could stretch farther to test the range high at $0.9380, collecting sell-side liquidity that resides above. Traders looking to open new long positions should wait for the price to restore above the lower trendline at $0.7000.
Those looking to ride the prospective rally to the $0.9000 psychological level should wait for the price to move above the midline of the FVG decisively, termed consequential encroachment, at $0.7568.
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