The bullishness around the XRP price has still not waned even after an eventful week. As the asset has been able to maintain critical support levels, expectations surrounding its eventual resurgence remain, especially as crypto analysts give reasons why the altcoin is still very bullish.
Reasons Why The XRP Price Is Very Bullish
According to crypto analyst Tony The Bull, the XRP price is very bullish because of three major metrics. These include the Bollinger Bands Width (BBW), the Bollinger Bands %B, and the upper Bollinger Bands, all of which point to a continuation of the rally.
As Tony explains, the Bollinger Bands Width (BBW) is significant in the fact that the metric has reached its second tightest level ever for the XRP price. Moving forward, the Bollinger Bands %B has made a move above the 0.5 level, which suggests the possibility of a breakout.
Last but not least is the upper Bollinger Band which the XRP price has broken out of. What is so important about this upper Bollinger Band is that it can serve as either a buy or sell signal depending on if the price is above or below it. In this case, the analyst explains that since the XRP price has already poked out of this level, then a breakout above it would be a buy signal for the digital asset.
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
XRP bulls struggle to maintain control | Source: XRPUSD on Tradingview.com
The 1M Japanese Candle Reappears
This is not the first time that crypto analyst Tony The Bull has presented a bullish scenario for the XRP price. Last week, Tony revealed that the 1-month (1M) Japanese Candlestick had returned on the XRP chart. What is so important about this candlestick is that the last time it appeared back in 2017, the XRP price surged by $900. So a repeat of this would likely see the altcoin’s price cross $2 once more.
The upper end of a surge that could emerge from this candlestick formation is put as high as $6 by the analyst, which would mean a new all-time high price for XRP. Coupled with “Thin order books, unwinding of shorts, and FOMO,” Tony expects a recurrence could trigger a quick and powerful rally.
Another analyst, Egrag Crypto, maintains their own bullish stance for the digital asset as they expect the price to recover above $1.5. In a recent analysis of the 4-hour chart, the analyst believes that a break above $0.66 and sustaining confirmatory candle formations could signal the end of the downtrend.
#XRP 4 Hours Analysis:
Should #XRP breach the 0.66c mark and sustain confirmatory candle closures, 📈 it could indicate the conclusion of the downward trend for this phase.
However, if it faces rejection, 📉 a more substantial retracement might follow. https://t.co/X6BgH90jYB pic.twitter.com/b8Dksbjfas
— EGRAG CRYPTO (@egragcrypto) November 16, 2023
However, the XRP price is still yet to play out to the many bullish predictions that analysts have presented over the last few months. After hitting a local peak in July following Ripple’s victory over the US Securities and Exchange (SEC), the altcoin has been unable to reclaim this peak and instead continues to tightly trail behind $0.7.