Despite experiencing a recent downtrend that led to a 36% drop from its July 13 high of $0.9380, XRP is exhibiting bullish signals in the market. Notably, the digital asset has formed a rare golden cross on the three-day chart for the first time in three years, igniting speculations of an impending rally in its price.
The bullish pattern was brought to the attention of the teeming community members by a top XRP proponent MackAttack.
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MackAttack cited a chart shared by a TradingView user named CoinChartist, emphasizing the significance of XRP’s third-ever golden cross.
XRP prints a rare Gold Cross. This has only been seen twice before with XRP in History.
The appearance of this third Golden Cross could well lead to a prolonged Bull Market that is unprecedented.#XRP $XRP #Goldencross #History #BullRun pic.twitter.com/Fl20eJEtZr
— 🇳🇱 MackAttackXRP® 🇳🇱 64K-XRP-Followers (@MackAttackXRP) August 5, 2023
Historical Performance Insights
History has shown that each time XRP has witnessed a golden cross, a substantial price surge always follows. The first occurrence took place in April 2017 when XRP was valued at $0.0264. Subsequently, the digital asset skyrocketed by a staggering 12,437%, reaching an all-time high of $3.317 in January 2018.
The second cross happened in December 2020 amid legal challenges as the US SEC accused Ripple of securities violations. Despite these pressures, XRP experienced a rally shortly after the cross, climbing from a low of $0.17 in December 2020 to a 2021 peak of $1.96 in March of the same year.
Over the span of three months, XRP exhibited a 1,052% increase, although analysts believe the surge could have been even higher if there was no SEC lawsuit.
Read Also: XRP Price Explodes As Judge Rules In Favor of Ripple, Declares XRP Not a Security
Third Golden Cross Spurs Rally Speculation
Now, after an almost three-year gap, XRP has formed its third golden cross. This event has fueled anticipation of another significant price rally. Although specific price projections remain uncertain, leading to various interpretations, analysts have forecasted a potentially astronomical surge.
However, it is important to exercise caution amidst the prevailing optimism, as past performance does not guarantee future price movements.
At the time of filing this report, XRP is trading at $0.6269, with little or no change in price in the last 24 hours, according to CoinMarketCap.
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