Is XRP finally seeing a rise? It appears to be beginning a reversal from its recent lows based on recent chart patterns. The technical phenomenon known as the “golden cross,” in which the short-term moving average crosses over the long-term moving average, has occurred, as we have previously reported on U.Today. This suggests that XRP may see further increase in the future.
On the chart, XRP is now trading at about $0.63. The 21-day exponential moving average (EMA) has been crossed, which is an early indication that an uptrend may be developing.
Should this upward trend persist, resistance may be challenged in the vicinity of $0.64. If this is broken, a route to higher levels may become visible, with the following resistance at $0.68 being the focus. Conversely, there is a significant level of support at $0.58 that may halt a decline in price and serve as the basis for a future reversal.
In terms of growth, XRP may benefit if the market recovers the next week after being driven lower for the previous two weeks. A consistent advance over $0.64 and beyond this point might pave the way for a spike in the direction of that resistance at $0.68.
It appears that XRP’s potential to sustain this newly discovered energy is hinted to in the future. This might be the impetus for XRP to continue its upward path as a possible market rebound is approaching. Investors and traders will be keenly observing XRP to see whether it can capitalise on this opportunity and start a steady upward trajectory.
For those looking for a price spike, the breakout above the 21 EMA and the golden cross pattern are encouraging signs. However, caution is urged given XRP’s track record of disappointing investors.
