The popular alternative to Bitcoin, XRP, may be eyeing a major move against its major market counterpart in the near future. The talk is that the altcoin has reached the lower border of the Bollinger Bands range on the daily time frame.
Current Position of XRP in the Market
For the past 13 days, the price of XRP has been gradually declining from the upper band of the corridor formed by the popular indicator, losing more than 18%. It seems to have found a bottom at the lower band.
Bollinger Bands and Their Significance for XRP
For those not familiar with Bollinger Bands, it is an indicator invented by expert trader John Bollinger which, due to its reliability and simplicity, earned a place on the financial markets and became one of the most popular and battle-tested tools for technical analysis.
Forecasts and Prospects for XRP
For XRP, hitting the lower band against BTC raises the possibility of a rebound — at least to the middle band, which is 8.13% higher than current levels.
While the probability of a further downside against Bitcoin for XRP is decreasing, the current reality is that XRP is weak against BTC right now.
