Since November 5, the XRP market has witnessed at least a 218.68% significant increase. In just the past four days, the market has seen an impressive growth 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 preparing to cross above its 200-day moving average, suggesting a potential golden cross scenario.
In general, a golden cross brings a tremendous bullish momentum. Importantly, golden crosses are rarely seen on the weekly chart. Many believe the market will reach new highs in this cryptocurrency bull market cycle. Will $4.20 be the next target for XRP? Want to know? Keep reading!
XRP market price has surged 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, the price of XRP was $0.51343. On November 4, the price of XRP slightly dipped to a low of $0.50192. However, the next day, the situation reversed as 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 above the 200-day SMA, forming a golden cross. A golden cross was seen in 2021 when the price of XRP peaked at $1.56055. Similarly, just before the ATH in 2018, the weekly chart also showed a golden cross signal. Experts believe that 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 a 5-year dynamic resistance level, connecting the highs of 2018 and 2021. This also supports the technical signals indicating massive bullish momentum in the market.
There are enough technical signals indicating that the market may break through the historical high of $3.317 from 2018. Some cryptocurrency analysts are even more optimistic, believing 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.