Recently, Ripple's XRP token has been making headlines as its value skyrocketed last week. This digital asset surged 82% last week, making it the highest performing cryptocurrency. This sudden increase of XRP and other tokens like Cardano has led many analysts to believe that the cryptocurrency market is about to enter a new altcoin season.
Most traders had removed XRP from their list of major bullish trends until it rose to $1.265 last week. This is the highest increase recorded in the token in the past 3 years, prompting many analysts to predict that this coin will continue to rise strongly in the coming days.
This unprecedented surge of XRP may be due to ongoing legal developments in the United States and some strong reactions to this token. This digital asset could rise even further this week as a potential Cardano-Ripple partnership could address the legal issues heating up the market for these two altcoins.
Interest in XRP is assessed based on how cryptocurrency whales are accumulating this token in preparation for the altcoin season. This cryptocurrency has now broken out of a triangular accumulation that began in 2018 and is likely to experience a breakout. Although it has risen significantly, the upcoming bullish surge could be greater than that.
The current bullish trend has been evidenced by a price correction of 20% down to $1, where the golden cross pattern appears. This indicates that the 200-day and 50-day moving averages are crossing from below to above.
When short-term curves are higher than long-term curves, it indicates that the token will rise in price. Such golden crosses on weekly price charts are extremely rare. This could occur because the token has a long trading history, precisely over a decade.
The opposite may also be true that the golden cross could trigger the end of the XRP bull run as seen in April 2021. However, analysts are betting on a rise as XRP increased over 350% to reach $1.97 while the Golden Cross is forming. This coin is likely to see a price increase of 550% by December.
At the time of publication on November 19, XRP was priced at $1.10, up 4.93% in the past 24 hours while trading volume decreased by 26.16% to $9.81 billion, and market capitalization rose to $62.49 billion.
