A technical chart pattern called a “golden cross” may be repeated by the cryptocurrency XRP, which is linked to the blockchain company Ripple, in order to potentially reach a new all-time high.
The cryptocurrency soared by almost 720% the previous time it had a “golden cross” in its monthly 10 and 20 Exponential Moving Averages (EMA). With XRP presently priced at $0.48, a similar advance would bring the token’s price over its prior high.
When a shorter-term moving average crosses over a longer-term moving average, this is known as a “golden cross” in technical analysis and suggests the possibility of a big price gain. When the 10-month EMA of XRP, which represents the average price over the last 10 months, surpasses the 20-month EMA in this particular circumstance, a golden cross is recognised.
This type of technical indication frequently urges investors to think about a purchase position since it can indicate that the asset’s value will increase.
Coincidentally, there are other positive indicators for XRP besides this probable golden cross. The Securities and Exchange Commission (SEC) of the United States and Ripple are now at odds in court.
If Ripple prevails in the case this year, it might lead to a sharp increase in the price of XRP since it would be freed from a major obstacle that has been preventing its acceptance and price performance.
The possibility for the golden cross and a favourable resolution to its SEC case might cause the price of XRP to soar to previously unheard-of heights.
If the record high is broken, CoinsKid proposes a minimum aim of $9. According to market cap, the cryptocurrency is now placed sixth. The potential for significant growth in XRP’s future is undeniable, despite the difficulty of accurately forecasting the result of these events.
