As a seasoned researcher with over a decade of experience in the ever-evolving world of cryptocurrencies, I can’t help but feel a sense of deja vu when observing the recent surge in XRP prices. The last time we saw such a meteoric rise was back in 2017, and if history repeats itself, we might just be on the brink of another bull run.
Over the past week, the well-known digital currency XRP has been making headlines due to an over 80% surge in value. Once dismissed by many crypto market participants as outdated, XRP surprised everyone with extraordinary price movement, reaching a peak of $1.265 per token – its highest level in three years.
Due to a strong reaction towards XRP and significant shifts in U.S. regulatory policies, the token has been experiencing an unprecedented surge in popularity and focus.
Consequently, the price of XRP has surpassed the triangle pattern of accumulation that has persisted since 2018, indicating a potential record-breaking increase ahead. Although the token has already seen substantial growth, this upward trend might not be reaching its peak just yet.
Beyond the evidence that the recent surge in value for XRP has been substantiated by a robust 20% drop to $1, which has sparked renewed interest from buyers, there’s an emergence of what’s known as a “golden cross” on its weekly price graph.
In simpler terms, this pattern indicates that the 200-day moving average (long-term trend) goes below the 50-day moving average (short-term trend), but then they switch places, with the short-term trend going above the long-term trend. This situation is often seen as a signal for an upcoming increase in the token’s value. Interestingly, this pattern appears infrequently on weekly charts due to XRP being an asset that has been traded for over a decade.
Although a bullish signal like the golden cross on the weekly XRP price chart may typically indicate the end of the token’s rally, as it did for instance in April 2021, it’s important to note that even in such cases where a golden cross is formed, the price of XRP can still surge by up to 350%, reaching a peak of $1.97 before reversing.
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2024-11-17 18:53