The crypto money market has experienced a serious jolt in the last 24 hours. Billions of dollars of liquidations have led to the depreciation of almost every crypto assets in the market. In particular, the XRP drew attention with a decrease of 31 %and fell to $ 1,7684. However, the recovery of the same percentage created an uncertainty among investors. Is it the most debated issue in the crypto world for now, whether this recovery is a temporary recovery or a harbinger of a permanent rise. In this article, we will talk about price movements for XRP Coin and analyst Gamza Khanzadaev’s interpretation of Bollinger bands.
XRP Coin took its share from the market correction
In the last 24 hours, the crypto market did not exhibit a very nice, efficient, logical and lucrative look. The liquidations caused by permanent term transactions were recorded as 2.2 billion dollars, while a total of at least $ 8 billion worth of liquidation was made compared to Bybit CEO. Almost every crypto asset experienced a significant decrease in the price. One of the most popular of these, the XRP suffered a 31 %depreciation during the day and fell to $ 1,7684 over Bitstamp. However, although the price of XRP in the last few hours shows a recovery of the same 31 %, whether this recovery is a “dead cat bounce” (Dead Cat Bounce) and that investors should leave the XRP positions, many investors and trader in a difficult situation He left. So, is the worst scenario behind? Or will this popular crypto currency go out and continue its rise?
What’s next?
According to the analyst, the Bollinger band indicator yesterday had a record expansion in XRP. This indicator is frequently used by many investors in financial markets to evaluate the current momentum. Since the XRP reached the upper band in the weekly graph and the need for a “explosion” of such a balloon, the possibility of withdrawing the token price to $ 1.69 was more likely by many analysts. However, this did not happen overnight, and now the price of the XRP managed to hold above the average in the weekly graph. According to the analyst, if it remains near the average during this week, it seems more likely to earn more.
However, the possibility of XRP to test low levels this week cannot be ignored. What is mentioned here is not only the XRP or Bollinger bands, but the market dynamics itself. The fact that prices tend to go to extreme ends tests buyers and sellers. According to the analyst, two options are currently open. Analyst uses the following statements:
If you are ready to confront a slow down risk this week and to keep the position to see if the average is intact at the end of the week, you don’t have to give up right now. Otherwise, this recovery may be an opportunity to avoid risk.
