While Bitcoin is growing, a breakthrough of XRP prices is practically inevitable, it follows from the technical tuning of cryptocurrency.
The key indicator is the lanes of the Bolinger (BB), the technical analysis tool that measures the volatility of the market and the potential price movement.
On the last four -hour graphics, the XRP bellinger strip is narrowed, which means rapprochement of the upper and lower lanes, which was written by the cryptoanalyst Ali Martinez.
The “compression of the Bolinger strip” indicates a period of low volatility, which often precedes a significant movement of the price, however, without indicating the direction. Typically, traders are waiting for confirmation of the vector, trying to earn either on take -off or on the failure.
Meanwhile, the activity in the XRP network has sharply decreased, and the number of new wallets fell by 44% from 5200 to 22 to 2900 to April 17. A decrease in the interest of investors enhances the bear’s forecast against the background of price consolidation.
Currently, XRP is trading at $ 2.12, adding 3.4% per day. Over the past seven days, Token has demonstrated negative dynamics of -2.4%.
Despite the forecast of Martinez and a small span of XRP up, the general mood comes down to caution, which is reflected in the indicator of the relative force of 48.
At the current price of the XRP, it is traded below the 50-day simple sliding average (SMA) by $ 2.25, but above the 200-day SMA $ 1.90, which signals short-term weakness.
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Source: Cryptocurrency
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