Despite the bloodbath that occurred in the “streets” of the encryption market, this local bear market appears to have not yet ended. At least this is what Bollinger Bands refers to the three largest encrypted currencies, XRP.
Looking at the price chart of the distinctive symbol on the daily time frame, it can be noted that after XRP rose by 34.27 % on Sunday, the code price reached the upper range.
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What happened after that is that the price of XRP went directly from this upper range and breaking the middle curve at $ 2.50. We are talking about the daily time frame, which only enhances behavior within Bolinger’s ranges. As the bottom range is currently at $ 2.04, the bias is to test buyers’ reaction and the strength of the sellers there.
Currently, the XRP price is quoted at $ 2.32, so the decline to $ 2.04 will mean 11 % south.
Bollinger domains are similar to magnet, withdrawing price movement in all types of trends. On Sunday, the upper Bollinger Band may have achieved some profits or selling to panic once the momentum stops.
But the question remains: Does the price of XRP go to a brief decline or more extended unification period?
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We cannot predict the future, but we can manage risks. Currently, the market may seem to test the lower Bollengerer. Traders should be ready for some fluctuations and a lot of inability to predict in the short term.
