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XRP on Edge as Bollinger Bands Hint at Pending Breakdown
The broader crypto market is experiencing a unique trend shift, likely to fuel a dragback in the XRP price. On the XRP/USDT daily chart, the Bollinger Bands are visibly dilated, setting the coin up for a possible reversal in the short term. At press time, CoinMarketCap data pegs the price of XRP at $2.52, down mildly by 0.66% in 24 hours.
XRP Bollinger Bands effect
On the XRP/USDT daily chart, the top coin trades at the upper Bollinger Bands. Drawing of its historical trend, this setup shows an overexposure of XRP among buyers, a trend that is confirmed by the Relative Strength Index (RSI) reading of 67, near the oversold region
According to the chart, XRP has remained in a mild consolidation mode over the past week, with $2.50 marking a general resistance point. With the coin successfully breaching this level, it remains to be seen whether it can sustain it.
Ripple in news, major catalyst
XRP's performance is not isolated; the outlook of other key products within the XRP ecosystem also contributes to its growth. For instance, there has been another 18-day drought in minting the RLUSD stablecoin.
For reference, the higher the volume of RLUSD on the market, the more liquidity is present on the XRP Ledger. Ultimately, this may positively impact the price of XRP moving forward.
With the Ripple lawsuit with the U.S. Securities and Exchange Commission (SEC) now over, XRP is in the spotlight to chart a growth trend in the coming months.