The post XRP All Time High Looms as Golden Cross Sparks Bullish Momentum appeared first on Coinpedia Fintech News
Since November 5, the XRP market has witnessed substantial growth of at least 218.68%. In the last four days alone, the market has seen a notable surge of over 14.69%. The current price of XRP is just 14.39% lower than the 2021 peak of $1.83558. Interestingly, in the weekly chart of XRP, the 50-day MA is preparing to cross its 200-day MA, hinting at a potential golden cross scenario.
Generally, a golden cross leads to massive bullish momentum. Importantly, it is unusual to observe golden crosses in weekly charts. Many believe that during this crypto bull cycle the market will achieve a new ATH. Could $4.20 be the next target of XRP? Curious to know? Read on!
Massive Price Surge in the XRP Market
In the past month, XRP, the sixth largest crypto with a market cap of $91,578,592,512, has recorded a massive surge of 206.1%. At the start of this month, the XRP price was at $0.51343. It slightly slipped to a low of $0.50192 on November 4. However, things overturned the very next day, when buyers took control of the market.
Since then, the market has risen steadily, though it experienced two corrections: a 5.920% correction on November 17 and a 5.07% correction between November 23 and 26. In the last seven days, XRP has surged by 17.2%.
XRP Golden Cross Signal: Rare and Powerful
Analysing the weekly chart of XRP, it is evident that the 50-day SMA is about to cross the 200-day SMA, forming a golden cross. It was in 2021 that a golden cross was previously observed. Then, the XRP price touched a peak of $1.56055. Similarly, just before the 2018 ATH also, the weekly chart showed a golden cross signal. Experts see a golden cross as a powerful bullish signal. It is possible for the market to see a powerful upward momentum, similar to the two key previous surges in 2018 and 2021.
XRP Breaking Dynamic Resistance
Notably, the price of XRP has surpassed a 5-year dynamic resistance level, connecting the highs of 2018 and 2021. This also supports the technical signals pointing to massive bullish momentum in the market.
There are enough technical signals to assume that the market right now has the potential to rise above its 2018 ATH of $3.317. Some crypto analysts hold an even more optimistic view, as they consider the range of $4.20 as the next target of the market.
In conclusion, XRP’s recent performance and the formation of bullish technical patterns suggest strong potential for upward momentum.
XRP is surging due to the formation of a rare golden cross on the weekly chart, signaling strong bullish momentum. Additionally, breaking through a 5-year resistance level has further fueled optimism, with analysts predicting a potential price target of $4.20.
