Despite growing concerns over a potential trade war between the United States and its major trading partners, which could destabilize the global economy, some cryptocurrencies are displaying strong signs of growth. XRP (XRP), in particular, is showing a promising bullish outlook, raising optimism among traders.
For the first time since 2017, the XRP/BTC ratio is approaching a breakout above the upper Bollinger band on its monthly chart, signaling a potential bullish trend. Bollinger bands, which measure volatility, are often used by traders to spot price breakouts. A move above the upper band typically suggests the start of an upward momentum, with prices expected to continue climbing for several days. This is particularly significant because breakouts after extended periods of consolidation are often viewed as more reliable indicators of sustained market strength.
In 2017, the XRP/BTC ratio surged nearly 200% following a similar breakout, indicating a strong correlation between this technical pattern and significant price movement. As the ratio nears the upper Bollinger band again, traders are eagerly watching for the possibility of a repeat performance in the current market.
Currently, XRP is priced at $2.62, showing a 10.07% increase in the last 24 hours. The market cap has reached $150.99 billion, with a 24-hour trading volume of $20.41 billion, marking a 40.83% increase. With its bullish momentum, XRP is gaining traction in the broader market, and many are speculating on the potential for further growth as the global economic situation unfolds.
Will XRP’s bullish breakout be the start of a new rally? Time will tell, but traders are optimistic as they monitor this key technical development.
Next : THORChain Converts Debt Into Equity Amid Liquidity Struggles
