XRP Hits New Highs, Golden Cross Brings Surge
The article "XRP Hits a Historical High, Golden Cross Boosts Surge" was first published on Coinpedia Fintech News.
Since November 5th, the XRP market has been on fire, skyrocketing by 218.68%.
In just a few days, it has increased by 14.69%. The current price is only 14.39% away from the peak of $1.83558 in 2021. Even more impressive, the 50-day moving average on the XRP weekly chart is about to cross the 200-day moving average, indicating a golden cross is imminent!
A golden cross is a strong signal for a surge, and it's not often seen on the weekly chart. Many believe that this cryptocurrency bull market will see XRP reach new highs. Could $4.20 be the next target for XRP? Keep reading to find out!
XRP Price Soars
In the past month, XRP, the sixth-largest cryptocurrency, has a market cap of over $91.5 billion, reflecting an increase of 206.1%. At the beginning of the month, it was only $0.51343, and on November 4th, it dipped slightly to $0.50192. The next day, buyers came rushing back, and the market immediately reversed.
Since then, the price of XRP has been on the rise. Although there were two pullbacks, they didn't hinder the upward momentum. It pulled back by 5.92% on November 17 and again by 5.07% from November 23 to 26. However, in those seven days, XRP still rose by 17.2%.
XRP Golden Cross, Strong Signal
Looking at the XRP weekly chart, the 50-day moving average is about to cross the 200-day moving average, a golden cross, which is a rare and positive signal. In 2021, when XRP surged, it was also signaled by a similar occurrence. Moreover, prior to the major rise in 2018, the weekly chart also showed a golden cross. Experts say that a golden cross is a signal for significant gains, and this time could mirror the rapid increases seen in 2018 and 2021.
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