Since November 5, the XRP market has witnessed at least a 218.68% significant increase. Just in the past four days, the market has seen a notable increase of over 14.69%. The current price of XRP is only 14.39% lower than the peak of $1.83558 in 2021. Interestingly, in XRP's weekly chart, the 50-day moving average is about to cross its 200-day moving average, suggesting a potential golden cross scenario.
In general, a golden cross brings tremendous bullish momentum. Importantly, golden crosses are rarely seen on weekly charts. Many believe that during this cryptocurrency bull market cycle, the market will reach new highs. Will $4.20 be the next target for XRP? Want to know? Please continue reading!
XRP market price surges significantly
In the past month, the sixth largest cryptocurrency XRP, with a market capitalization of $91,578,592,512, has significantly increased by 206.1%. At the beginning of this month, the price of XRP was $0.51343. On November 4, the price of XRP slightly declined to a low of $0.50192. However, the next day the situation reversed, with buyers taking control of the market.
Since then, the market has been steadily rising, despite experiencing two corrections: a 5.920% adjustment on November 17, and a 5.07% adjustment from November 23 to 26. Over the past 7 days, XRP has surged by 17.2%.
XRP golden cross signal: rare and powerful
Analyzing XRP's weekly chart, it is evident that the 50-day simple moving average (SMA) is about to cross the 200-day SMA, forming a golden cross. A golden cross occurred in 2021 when XRP's price peaked at $1.56055. Similarly, a golden cross signal was also shown on the weekly chart just before the ATH in 2018. Experts consider the golden cross to be a strong bullish signal. The market has the potential for strong upward momentum, similar to the two key surges in 2018 and 2021.
XRP breaks dynamic resistance
It is worth noting that the price of XRP has broken through the 5-year dynamic resistance level, connecting the highs of 2018 and 2021. This also supports the technical signals pointing to a huge bullish momentum in the market.
There are enough technical signals indicating that the market could potentially break through the historical high of $3.317 from 2018. Some cryptocurrency analysts even hold a more optimistic view, as they believe that the $4.20 range is the next target for the market.
In summary, XRP's recent performance and the formation of bullish technical patterns indicate strong upward potential.