After being shadowed with bearish pull since April, the crypto market has now found some light with major cryptocurrencies flashing green. In fact the world’s first cryptocurrency, Bitcoin has even surpassed its long time held $23,000 level and reclaimed $24,000 mark. This has pushed Ethereum, XRP, Cardano, Solana among other altcoins towards next levels.
At the same time, crypto exchange Bittrue has suggested that XRP has now formed a golden crossover. The firm said that XRP has formed a new golden crossover on its 4-hours chart and this could be a positive indicator that XRP has reached its lows.
Further Bitrue asserts that XRP’s current price action is moving around 100 EMA (Exponential Moving Average), making it as a support after seeing a breakout through its earlier channel in July.
In the 4-hours graph of XRP, the asset crossed the 50 MA (moving average) above the 200 MA in July and hence formed a golden crossover. This crossover is referred to as a short-term positive indicator in this situation.
This technical metric suggested that the target for the breakout is $0.5 and this will see a 30% rise from its present price levels. An analyst at Biture claims that $0.5 is the breakout target value, which is slightly hopeful given the vast amount of supply that needs to be verified.
At the time of publication, XRP is trading at $0.38, up 2.08% over the past 24 hours.
The “precise upward move” in the market is what analysts and traders refer to as the “golden crossover,” which occurs when a short-term moving average passes over a long-term moving average to the north.
XRP Price at $0.50?
This golden cross pattern has been made several times before. When it was formed in August 2021, there was a price jump of 80% and it was seen in February 2021 as the price saw a massive 400% increase. Hence, similar price action may occur even during the current crossover.
The price movement of cryptocurrencies is still entirely unpredictable due to present macroeconomic worries. If history is to be believed, XRP must first overcome a hurdle at $0.41 and then another one at $0.447 before reaching the $0.50 mark.
