XRP Poised for Golden Cross Formation After 3 Years, Anticipated Surge of 720% in Price

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After a prolonged period of uncertainty, Ripple’s native asset XRP is on the verge of forming a golden cross for the first time in three years. 

This bullish technical pattern occurs when the short-term moving average crosses above the long-term moving average, signaling a potential upward price trend. 

With the golden cross formation on the horizon, market analysts are predicting a substantial surge of 720% in the price of XRP. 

This development has sparked renewed interest and optimism among investors, as they anticipate a significant rally in the value of this digital asset.

XRP’s Promising Future: Anticipating Golden Cross Formation After 3-Year Wait, CoinsKid Analysis Suggests

Despite the ongoing downward trend, XRP exhibits indications of a favorable future. An assessment conducted by CoinsKid, a renowned crypto chartist and YouTuber based in the United Kingdom, reveals that XRP is nearing the formation of a long-awaited golden cross.

This bullish pattern, anticipated after a three-year interval, suggests a potential upturn in XRP’s performance. Drawing data from historical trends, the analyst forecasts an imminent 720% rally, generating excitement among investors and proponents. 

This revelation of a significant potential price surge has instilled optimism within the community. Although the specific target is yet to be established, the analyst proposes a conservative minimum objective of $9 for XRP if it surpasses its previous all-time high (ATH).

XRP has persistently remained below the significant resistance price level of $0.50 in the short-term price movement. Despite its aspirations to reclaim this price territory, XRP faced disappointment as it recorded its initial intraday loss for July recently. 

XRP is currently traded at $0.4884, indicating a minor crease of 1.03% within the last 24 hours. However, there’s a notable increase in its trading volume, pushing value to a high of $963 million.

Notably, a golden cross is a bullish pattern observed on a price chart when a shorter-term moving average, such as the 10-day exponential moving average (EMA), surpasses a longer-term moving average, such as the 20-day EMA.

Traders and analysts interpret This occurrence as a positive signal, suggesting the likelihood of a substantial upward price movement.

Historical Impact: XRP’s Past Golden Crosses Sparked Significant Rallies, CoinsKid Analysis Reveals

Upon reviewing XRP’s past performance, it becomes clear that previous instances of golden crosses have had a remarkable influence on its price. 

CoinsKid highlights that in 2017, XRP witnessed a golden cross between the 10-day and 20-day exponential moving averages (EMA), leading to a significant rally.

These assertions are supported by data extracted from XRP’s monthly chart. Remarkably, XRP experienced a golden cross on the monthly chart in March 2017, which triggered a notable rally. 

Following this movement, XRP surged from $0.00555 in March 2017 to a peak of $3.22 in January 2018. As a result of the rally, the asset witnessed a massive 59,600% price increase in less than a year, marking it the largest XRP surge.

Likewise, the most recent instance of a golden cross took place in 2020, which, according to CoinsKid, yielded yet another significant rally, resulting in a remarkable surge of 720%. Historical data indicates that a golden cross was indeed observed on the XRP monthly chart in November 2020. 

This golden cross catalyzed another substantial price increase, with XRP rallying from $0.23973 in November 2020 to reach a peak value of $1.96695 in April 2021. This surge represented an impressive 720.4% growth within only six months.

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Abraham
Expert tech and gaming writer, blending computer science expertise