In a recent post on X, popular crypto analyst Amonyx on X highlighted a significant development for XRP, suggesting a massive rally for the asset soon.
Accompanied by a technical analysis chart, Amonyx draws attention to a confirmed golden cross, a bullish technical indicator often associated with long-term upward momentum in asset prices.
#XRP GOLDEN CROSS CONFIRMED 💥
Are you mentally prepared? 👀 pic.twitter.com/BxgNHwoSWL
— Amonyx (@amonbuy) December 27, 2024
Chart Patterns and Implications
The attached chart reveals key historical patterns for XRP. It shows that the asset has formed multiple accumulation phases followed by breakouts. Notably, the all-time high of $3.84 in January 2018 was followed by a prolonged consolidation period that lasted several years. The price remained subdued in a wide range, struggling to break past significant resistance levels.
The chart highlights two primary green-shaded zones representing extended periods of consolidation. Both instances culminated in sharp price movements when XRP successfully broke out of its range.
The most recent breakout has helped XRP to surpass critical resistance levels and reach $2.86, the highest price since its 2018 all-time high. The asset is trading at $2.15, but these bullish signs suggest an imminent rise, potentially surpassing its 2024 peak of $2.86.
Amonyx also points to the formation of a golden cross, a technical event when a short-term moving average crosses above a long-term moving average. This indicator is traditionally interpreted as a sign of potential sustained bullish momentum. In this context, it reinforces optimism surrounding XRP’s trajectory.
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Reasons to Be Bullish About XRP
While the focus of the post and chart is technical, the crypto market’s broader developments cannot be ignored. Ripple’s legal challenges with the U.S. Securities and Exchange Commission (SEC) have long held XRP down. However, recent political changes could shift the regulatory sentiment.
Gary Gensler, the current SEC Chair, has announced his resignation, effective January 20, 2025. President-elect Donald Trump’s nomination of Paul Atkins, a figure perceived as more favorable to crypto, has fueled speculation about regulatory relief for Ripple and similar entities.
The sentiment within the crypto community is overwhelmingly bullish, as reflected in Amonyx’s enthusiastic post and the community’s reactions.
The digital asset’s confirmed golden cross and recent breakout above the $2 level are significant events. These developments align with a broader narrative of optimism, and the asset could experience a massive rally sooner than many expect.
Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.
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