The last 24 hours on the crypto market have been anything but pleasant, prosperous, rational and lucrative. With $2.2 billion worth of liquidations in perpetual futures alone, and a total of at least $8 billion liquidated, according to ByBit's CEO, almost every digital asset took a hit in its price.
One of the most popular coins, XRP, saw a 31% drop during the day, hitting a low of $1.7684 per Bitstamp. Despite the fact that in the last few hours XRP quotes have seen a recovery of the same but different 31%, the question that is causing many holders and traders headaches is whether this recovery is a "dead cat bounce" and there is a need to use it to exit their XRP positions.
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Or, if the worst is over and the popular cryptocurrency will now continue its ascent without latecomers on board.
Three bands, two options
Just on Sunday, U.Today reported that XRP is seeing a record expansion of the Bollinger Bands, a popular indicator used by many on the financial market to gauge current momentum.
With XRP in the upper band on the weekly chart, and the need to deflate this type of bubble, the possibility of the token's price revisiting a median of $1.69 was more likely than not. Few predicted that this would happen overnight, but here we are.
Source: TradingView
Now, using the same indicator, it could be said that XRP has held above the median on the weekly chart, and if it manages to stay close above it this week, the possibility of further gains becomes more likely.
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However, it cannot be ruled out that XRP could test recent lows again this week. It is not about XRP or Bollinger Bands, just pure market mechanics when the price tends to revisit extremes to test buyers and sellers.
So the options seem clear: if you are not afraid of the possibility of a slow bleed this week and are willing to hold to see if the median is strong at the end of the week, then there is no need to capitulate now. Otherwise, this rebound may seem to be a soft spot to de-risk.
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