TL;DR
- XRP’s price headed north again, exceeding $0.63.
- Squeezed Bollinger Bands and other metrics indicate that the rally may reach huge dimensions.
Ripple’s XRP is currently the best-performing cryptocurrency in the top 100 list, witnessing a 5% hourly price increase and surpassing $0.63.
Its impressive rally comes despite the sector’s reigning correction. Bitcoin (BTC) dipped from almost $70,000 on July 29 to approximately $66,500 as of the moment of writing these lines, whereas Solana (SOL) and other well-known altcoins have performed even worse.
The exact reason of XRP’s latest pump remains unknown.
As CryptoPotato reported earlier today, the monthly Bollinger Bands were squeezed as never before. The technical analysis tool is used to measure market volatility and potential price movements. When the bands are tight, it hints that the token has experienced low volatility for a prolonged time and might be gearing up for a massive swing in any direction.
XRP’s price uptick coincides with the asset’s rising trading volume. The figure has reached almost $1.7 billion in the past 24 hours, outperforming Binance Coin (BNB), whose daily trading volume is below $1 billion, and Dogecoin (DOGE), which has recorded approximately $790 million.
