The bullishness around the XRP price has still not waned even after an eventful week. As the asset has been able to maintain critical support levels, expectations surrounding its eventual resurgence remain, especially as crypto analysts give reasons why the altcoin is still very bullish.

Reasons Why The XRP Price Is Very Bullish

According to crypto analyst Tony The Bull, the XRP price is very bullish because of three major metrics. These include the Bollinger Bands Width (BBW), the Bollinger Bands %B, and the upper Bollinger Bands, all of which point to a continuation of the rally.

As Tony explains, the Bollinger Bands Width (BBW) is significant in the fact that the metric has reached its second tightest level ever for the XRP price. Moving forward, the Bollinger Bands %B has made a move above the 0.5 level, which suggests the possibility of a breakout.

Last but not least is the upper Bollinger Band which the XRP price has broken out of. What is so important about this upper Bollinger Band is that it can serve as either a buy or sell signal depending on if the price is above or below it. In this case, the analyst explains that since the XRP price has already poked out of this level, then a breakout above it would be a buy signal for the digital asset.

Bitcoinist

Bitcoinist

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