XRP, the cryptocurrency that has been struggling to gain momentum amidst the broader market rebound, may be on the verge of a breakthrough.
Crypto analyst JD has shed light on a potentially game-changing technical formation called the Golden Cross, which could propel XRP into a parabolic rise.
Read Also: Crypto Bull Predicts 76,949% XRP Price Explosion To $470 and Surpass $25T Market Cap
This analysis delves into the significance of this indicator, examining its historical implications and projecting its potential impact on the future trajectory of XRP.
#XRP Golden Cross confirmed on 4day chart! 😱$XRP did the following after cross:
2017 – 📈700% first w/a 64% correction right b/4 MOON!
2020 – 📉40% first, then 1000%📈after!Either way, 5% (smart money) took calculated profits while 95% STILL got REKT!
Retweet/Like 4… pic.twitter.com/eFdE07ZVf5
— JD 🇵🇭 (@jaydee_757) December 7, 2023
The Golden Cross Phenomenon
JD’s analysis reveals the emergence of a Golden Cross on XRP’s 4-day chart, a bullish signal with a track record of remarkable impact. By studying previous instances of this pattern, JD highlights two notable occurrences that were followed by significant price increases.
In 2017, after a breakout from a long-term trendline, the Golden Cross acted as a catalyst for a staggering 700% surge in the price of XRP. Similarly, in 2020, during the early stages of a bull market, the same pattern triggered an astounding 1000% rally, surpassing the previous surge.
Charting the Future Trajectory
Drawing on historical precedents, JD’s analysis predicts an average 800% increase for XRP. However, given the observed trend of ever-increasing surges, the price could skyrocket beyond the 1000% mark, surpassing the $6 threshold.
While JD’s analysis paints an undeniably optimistic picture, caution is warranted. It is important to consider the possibility of a pullback before the anticipated rally. In both previous instances of the Golden Cross, XRP experienced significant price corrections of 64% (2017) and 40% (2020) before the exponential surges took place.
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Read Also: Bitboy and Experts Debate If XRP ETF Could Help Send XRP Price To $25
Renewed Bullish Momentum
Despite XRP’s recent period of consolidation, there are signs of renewed bullish momentum. The price has recently broken above the $0.64 mark, indicating a potential resumption of the upward trend. This positive development aligns with the broader recovery of Bitcoin and the overall cryptocurrency market.
The recent formation of the Golden Cross on XRP’s chart presents a compelling case for a bullish future for the cryptocurrency. Drawing on historical patterns, there is a strong indication of a substantial price increase.
Investors are advised to exercise vigilance and anticipate potential temporary declines before the projected parabolic rise. While the Golden Cross signals a bullish future for XRP, it is essential to remain cautious and navigate the market with prudence.
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