Amid the ongoing bull run, XRP has shown signs of more positive boosts, confirmed by a golden cross formation
XRP is gaining attention as a rare golden cross appears on its weekly chart.
This could mean a significant price increase is coming soon. XRP currently trades at $1.47 and has reached its highest price since May 2021, the peak of the last major cryptocurrency bull market.
XRP Potential Price Rally
A golden cross is an important sign in technical analysis. It happens when a cryptocurrency’s short-term moving average is above its long-term moving average. This pattern often signals that prices may rise, indicating strong upward movement.
For XRP, this is especially important because it shows growing investor confidence in its long-term prospects.
Meanwhile, market analysts see the golden cross on XRP’s weekly chart as a possible turning point. If the momentum continues, XRP might surpass its previous all-time high during the crypto market peak in early 2021. Likewise, XRP’s recent price increase is due to technical reasons and positive news.
Ripple, the company behind XRP, has won important legal battles against the U.S. Securities and Exchange Commission (SEC).
These wins made investors more confident in XRP. The Golden Cross is an important signal for traders and investors to pay attention to. However, experts warn that even though it is generally a good sign, it does not guarantee that prices will keep rising.
XRP Breaks Three-Year Price Barrier
The ongoing bullish trend sweeping the cryptocurrency world has seen positions won and lost. Some crypto assets have registered new all-time highs, and others have attained new levels this year. XRP crossing the $1 level is a new record for an altcoin, although it is below ChatGPT’s XRP price prediction.
With this achievement, XRP flipped Dogecoin (DOGE) from sixth to seventh place in the market capitalization ranking of crypto assets.
XRP’s market capitalization currently stands at $83.91 billion, compared to Dogecoin’s $53.75 billion, pushing DOGE down to seventh place. XRP’s market capitalization spike came as its price jumped by over 85% within the last two weeks.
Recall that XRP has witnessed price fluctuations in the past year and has not tested the $0.80 resistance level.
It only briefly crossed the $0.70 mark on March 11, 2024, with a price of $0.72 before plummeting to a low level. This current bullish run, which saw it hit a record set three years ago, started with the price at $0.60.
Financial experts have credited increased favorable regulatory developments and whale activity contributing to XRP’s price uptick.
Given the pro-crypto stance of the United States President-elect Donald Trump, many anticipate a positive regulatory climate in the crypto industry.
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