The price of the popular cryptocurrency XRP is about to hit an all-time high. Currently trading at $1.47 per XRP, the price of the popular cryptocurrency is at its highest level since May 2021, when the most recent widely recognized bull market in cryptocurrencies took place.
However, the sixth-largest cryptocurrency’s most recent all-time high was set long before that, in early 2018, when XRP peaked at $3,317. The fact that this high could soon be surpassed is indicated by technical indicators, as XRP’s price has surged 186.5% this month, breaking through a key dynamic resistance level that only existed in 2018.
This fact alone is enough to show that the ambitions of this popular cryptocurrency are bigger at this point than in 2021.
But there is more to it than that, as the golden cross signal forming on the cryptocurrency's weekly chart could give XRP more confidence from a technical analysis perspective.
A Golden Cross is formed when two moving averages of different orders intersect, with the smaller 50-day curve intersecting the larger 200-day curve. The larger the time frame in which the pattern forms, the stronger the pattern. Additionally, golden crosses on the weekly chart are extremely rare, with the last one occurring for XRP in May 2021. Its appearance coincided with XRP's price peak.
However, this time around, things could be different, as the dynamic resistance has been broken, meaning the ceiling could be higher. Speculation before the previous breakout pointed to $4.20 as one of the targets for XRP price, which is quite funny given the memetic nature of the number.
