The post XRP All Time High Looms as Golden Cross Sparks Bullish Momentum appeared first on Coinpedia Fintech News
Since November 5th, XRP has skyrocketed by over 218%, with the past four days alone witnessing a staggering 14.69% surge. The current price is tantalizingly close to its 2021 peak of $1.83558, with a mere 14.39% gap remaining. XRP's weekly chart is poised for a golden cross, where the 50-day MA is set to intersect the 200-day MA, signaling potential bullish momentum.
Generally, a golden cross leads to massive bullish momentum. Importantly, it is unusual to observe golden crosses in weekly charts. Many believe that during this crypto bull cycle the market will achieve a new ATH. Could $4.20 be the next target of XRP? Curious to know? Read on!
XRP Explodes: A 206% Price Surge in a Month
The sixth-largest cryptocurrency, XRP, with a market cap of $91.57 billion, has witnessed a phenomenal 206.1% surge in the past month. Starting November at $0.51343, XRP briefly dipped to $0.50192 on the 4th Nov. But the bullish trend quickly regained momentum, driving the price significantly higher.
Since then, the market has risen steadily, though it experienced two corrections: a 5.920% correction on November 17 and a 5.07% correction between November 23 and 26. In the last seven days, XRP has surged by 17.2%.
XRP Golden Cross Signal: Rare and Powerful
Analysing the weekly chart of XRP, it is evident that the 50-day SMA is about to cross the 200-day SMA, forming a golden cross. It was in 2021 that a golden cross was previously observed. Then, the XRP price touched a peak of $1.56055. Similarly, just before the 2018 ATH also, the weekly chart showed a golden cross signal. Experts see a golden cross as a powerful bullish signal. It is possible for the market to see a powerful upward momentum, similar to the two key previous surges in 2018 and 2021.
$XRP Breaking Dynamic Resistance
Significantly, XRP has breached a 5-year dynamic resistance level, connecting the peaks of 2018 and 2021. This further reinforces the technical indicators suggesting a robust bullish trend in the market.
There are enough technical signals to assume that the market right now has the potential to rise above its 2018 ATH of $3.317. Some crypto analysts hold an even more optimistic view, as they consider the range of $4.20 as the next target of the market.
In conclusion, XRP’s recent performance and the formation of bullish technical patterns suggest strong potential for upward momentum.
Why is $XRP Soaring?
XRP's surge is driven by a rare golden cross on the weekly chart, indicating robust bullish momentum. Coupled with the recent breach of a 5-year resistance level, analysts are bullish, projecting a potential price target of $4.20.
