Since November 5, the XRP market has witnessed at least a 218.68% significant increase. In just the past four days, the market experienced an over 14.69% notable growth. XRP's current price is only 14.39% lower than the 2021 peak of $1.83558. Interestingly, in XRP's weekly chart, the 50-day moving average is preparing 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 has risen significantly
In the past month, the sixth-largest cryptocurrency XRP, with a market capitalization of $91,578,592,512, has surged by 206.1%. At the beginning of this month, XRP's price was $0.51343. On November 4, XRP's price slightly dropped to a low of $0.50192. However, the next day, the situation reversed, and buyers took control of the market.
Since then, the market has been steadily rising, despite experiencing two corrections: a 5.920% correction on November 17, and a 5.07% correction from November 23 to 26. In the past 7 days, XRP has surged by 17.2%.
XRP Golden Cross Signal: Rare and Powerful
Analyzing the weekly chart of XRP, it is clear 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. At that time, the XRP price peaked at $1.56055. Similarly, just before the ATH in 2018, the weekly chart also showed a golden cross signal. Experts believe the golden cross is a strong bullish signal. The market could experience strong upward momentum, similar to the two key surges in 2018 and 2021.
XRP breaks dynamic resistance
It is noteworthy that XRP's price has broken through the dynamic resistance level of 5 years, connecting the highs of 2018 and 2021. This also supports the technical signals pointing to significant bullish momentum in the market.
There are enough technical signals indicating that the market is likely to break through the historical high of $3.317 from 2018. Some cryptocurrency analysts even hold a more optimistic view, as they believe 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.