According to Ali Martinez, a digital asset trader and analyst, Ripple (XRP) has entered a phase of Bollinger Bands squeeze on its 4-hour chart. This squeeze occurs when Bollinger Bands converge due to decreased price volatility, indicating a potential strong price spike ahead. Ripple’s price recently surged to a daily high of $2.12, the highest level since April 16. With the formation of an upward candle above the upper Bollinger Band, this squeeze is turning into an uptrend. Ripple’s price increase coincides with the overall cryptocurrency market growth. Bitcoin (BTC) also surged to $87,465, its highest level in recent months. This rise, along with gold price surge and the weakening US dollar, has caused the DXY index to fall to its lowest level in three years. Meanwhile, other major altcoins like Ethereum (ETH) and Binance Coin (BNB) are also trading in the green zone. The cryptocurrency market trend has now diverged from the US stock market, where concerns about the possible dismissal of the Federal Reserve chief have put stocks in a negative position, while cryptocurrencies continue on their growth path. You can track the prices of all tokens and cryptocurrencies live on the digital currency price page.
