XRP on Brink of All-Time High as Rare Golden Cross Nears

by

As a seasoned crypto investor with over a decade of experience in this volatile market, I have witnessed numerous bull runs and bear markets. The current surge in XRP‘s price has piqued my interest, reminding me of the exhilarating rush of 2017 when cryptocurrencies were the talk of the town.

The value of the well-known cryptocurrency XRP is close to setting a new record high. At present, it’s being traded for approximately $1.47 per unit, which marks its highest point since May 2021, during the last significant upward trend in the crypto market.

Despite the peak price of the sixth largest cryptocurrency (XRP) being reached much earlier, specifically in early 2018 when it hit $3,317, there’s a possibility that this record could be broken soon. This notion is supported by technical indicators because this month alone, the value of XRP has increased by 186.5%, shattering a significant resistance barrier that was established in 2018.

Just this detail indicates that the aspirations for the well-known cryptocurrency seem more expansive now compared to the year 2021.

However, it’s not just about this aspect; from a technical standpoint of view, the formation of the golden cross on the cryptocurrency’s weekly graph could boost investors’ confidence in XRP as well.

A “golden cross” occurs when a shorter-term moving average (like the 50-day) intersects above a longer-term moving average (such as the 200-day), in other words, the smaller curve goes over the larger one. The more time that passes before this pattern emerges, the stronger its potential impact. Moreover, such golden crosses on a weekly chart are not common, and the last one for XRP happened in May 2021. Notably, it occurred around the same time as the peak price of XRP.

In this case, however, things might change since the resistance level has been surpassed, suggesting a potential higher ceiling. Earlier predictions before the breakout indicated that $4.20 could be one of the possible price points for XRP, which is quite ironic given the humorous connotations associated with this figure.

Read More

2024-11-28 18:40