Technical analysis suggests that the XRP price could be on the cusp of a significant upswing. This potential surge comes on the heels of a golden cross formation on the digital asset’s chart.
EGRAG CRYPTO (@egragcrypto) identified this development in a recent XRP price analysis, emphasizing the importance of historical data in predicting future asset movements.
EGRAG CRYPTO examined a 2-week XRP chart, specifically focusing on prior instances where the 21-day Exponential Moving Average (EMA) crossed above the 55-day Moving Average (MA).
Read Also: XRP Price Primed for Parabolic Surge as Analyst Spots 1000% Golden Cross: Details
Golden Cross and Its Significance
This specific crossover pattern, known as a golden cross, signifies a shift in market momentum. It occurs when a shorter-term moving average crosses above a longer-term one, indicating a more rapid increase in recent prices compared to historical prices.
This pattern is widely interpreted as a bullish signal, suggesting growing buyer interest and strengthening market conditions.
Market participants view the Golden Cross as a sign of improving market health and heightened investor activity. EGRAG CRYPTO’s analysis acknowledges this historical trend but highlights only the most modest XRP price rallies that followed such formations.
The digital asset formed a golden cross in 2017, and a significant shift in market sentiment followed the formation. This shift sent XRP to its all-time high of $3.84 in January 2018. This massive surge was followed by a huge correction, sending the 21 EMA below the 55 MA.
The pattern reversed again in March 2021, with the 21 EMA surpassing the 55 MA. This renewed crossover triggered another price surge. This surge sent XRP to $1.96 in April 2021.
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Read Also: XRP Price Is Set For Meteoric Surge? Analyst Confirms 1000% Golden Cross Is Back
Potential Price Trajectory for XRP
The recent reappearance of the Golden Cross has ignited projections of another price increase for XRP. EGRAG CRYPTO outlines two potential price paths: a 585% increase to $4 and a more aggressive 900% surge to $5.5.
XRP is trading at $0.6327, up 2.98% over the past week. The digital asset has shown resilience recently, staying above the crucial $0.6 level. Despite the ongoing lawsuit, this analysis suggests that the digital token could soon reach unseen territory.
In another post, EGRAG CRYPTO acknowledged the possibility of XRP not achieving a new all-time high soon. However, he maintains that a price increase to the $5-$10 range is highly likely. In his view, a failure to reach these levels would likely necessitate waiting for the next major bull run.
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