Popular U.K.-based crypto influencer, CoinsKid has noted that XRP is on the verge of surging by over 720%, giving rise to optimism for crypto investors. He believes that the looming golden cross formation on XRP’s one-month chart would put the crypto asset on its way to attaining a new all-time high.
According to CoinsKid, XRP is on the verge of forming a golden cross between the 10 and 20 exponential moving averages (EMA) on its one-month price chart. For context, a golden cross is a bullish pattern that occurs when a short-term moving average crosses over a longer-term moving average on the price chart.
Based on historical price actions after the formation of this technical structure, the widely followed crypto submitted that the sixth-largest crypto asset by market cap would stage a 720% rally if the bullish formation materials in the coming weeks or months.
This uptick would take the XRP price to a minimum target of $9, CoinsKid predicted. In his analysis, the top analyst revealed that previous golden crosses which were recorded in 2017 and 2020 saw XRP’s price spike by this percentage.
He wrote, “The last time we saw a monthly 10 and 20 EMA golden cross was in 2020 #xrp rallied over 720%. If we see another golden cross a 720% rally sets a new ATH. My minimal target if we see the ATH taken out is $9 for XRP.”
Notably, XRP spiked from $0.00555 in March 2017 to $3.31700 in January 2018 after the 10-day and 20-day EMA golden cross. Likewise, the subsequent occurrence saw XRP skyrocketing from $0.23973 in November 2020 to an ATH of $1.96695 in April 2021.
There have been several bullish XRP projections in the last couple of months. These predictions stem from beliefs that Ripple will come out victorious in the longstanding SEC lawsuit. Recent developments within the XRP Ledger ecosystem such as the integration of SimpleSwap into the Xumm wallet, have also contributed to the bullishness on XRP.
As reported, Egrag noted that XRP could be heading to either $3.3 or $250 in the coming weeks, depending on the historical market cycle it follows. Likewise, a metric revealed by Santiment suggests that there is an imminent pump for XRP. It’s worth noting that XRP is gaining a huge presence in Iraq, as revealed on Wednesday.
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