XRP has captured the attention of crypto analysts as two prominent figures have identified golden cross patterns on different timeframes, signaling potential for significant price appreciation.
Market analyst Jaydee took to X to highlight a golden cross formation on the 5-day chart, a bullish indicator where a short-term moving average crosses above a long-term one. This pattern has historically preceded dramatic price surges for XRP.
In 2017, a similar golden cross triggered a 650x price increase, propelling XRP to its all-time high of $3.31. Even after the SEC lawsuit in 2021, a golden cross led to a 10x rally, reaching $1.96. Based on these historical precedents, Jaydee anticipates a potential 10x to 650x price surge for XRP. While a 10x increase would place XRP at a more conservative $6, a 650x surge could propel it to a staggering $390.
Adding fuel to the bullish sentiment, another analyst, Xoom, identified a golden cross on the daily timeframe. Although on a smaller scale, this pattern has historically preceded a 50% price increase for XRP. With the cryptocurrency currently trading just above this golden cross, it’s consolidating within a tight range, potentially building up energy for a breakout.
Technical indicators also support a bullish outlook. The MACD has crossed above the signal line, a classic buy signal, while the histogram is in positive territory, indicating growing bullish momentum.
While these developments have ignited excitement among XRP investors, it’s crucial to approach such predictions with caution. The cryptocurrency market is highly volatile, and past performance is not indicative of future results.
XRP is currently trading around $0.60, having recently bounced off support. Breaking through resistance levels of $0.65974, $0.72478, and $0.83004 could further validate the bullish thesis and pave the way for a potential price surge.
As the XRP community eagerly awaits the unfolding of this bullish narrative, market participants will be closely monitoring price action and technical indicators for confirmation.
Also Read: XRP Soars 7.4% As Rippleās Web3 Ambitions Ignite $60B Market Cap Altcoin
Disclaimer:Ā The information in this article is for general purposes only and does not constitute financial advice. The authorās views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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