XRP is currently gearing up to form a golden cross after three years, fueling anticipations of a price rally, with a 720% rally projected by analysts.
XRP is showing signs of a promising future despite the current downtrend. According to an analysis by CoinsKid, a well-known U.K.-based crypto chartist and YouTuber, XRP is on the verge of forming a golden cross after a long wait of three years.
The analyst projects an imminent 720% rally by drawing data from historical trends. This exciting disclosure has sparked optimism among investors and proponents alike, as it suggests the potential for a substantial price surge.
#xrp – Monthly
In 2017 #xrp printed a 10 & 20 golden cross.
The last time we saw a monthly 10 and 20 EMA golden cross was in 2020 #xrp rallied over 720%.
If we see another golden cross a 720% rally sets a new ATH.
My minimal target if we see the ATH taken out is $9 for #xrp pic.twitter.com/ROvuPnznQO
— CoinsKid (@Coins_Kid) July 5, 2023
A golden cross is a bullish technical pattern when a shorter-term moving average, such as the 10-day exponential moving average (EMA), crosses above a longer-term moving average, like the 20-day EMA, on a price chart.
Traders and analysts often see this as a positive signal, indicating the potential for a significant upward price movement.
Previous Golden Crosses
Looking back at XRP’s historical performance, it becomes evident that previous golden crosses have remarkably impacted its price. CoinsKid notes that in 2017, XRP experienced a 10-day and 20-day EMA golden cross, which resulted in a substantial rally.
Data from XRP’s monthly chart corroborates these claims. Notably, XRP witnessed a golden cross on the monthly chart in March 2017. Following the occurrence, XRP rallied from $0.00555 in March 2017 to a high of $3.31700 in January 2018.
This impressive rally marked XRP’s largest price surge to date, representing a massive 59,665% appreciation in less than a year.
Similarly, the last time such a golden cross occurred was in 2020. CoinsKid noted that this second golden cross resulted in another rally, leading to a 720% surge. Data shows that a golden cross did occur on the XRP monthly chart in November 2020.
This golden cross triggered another price surge. Notably, XRP rallied from a price of $0.23973 in November 2020 to a peak value of $1.96695 in April 2021. This represented a 720.4% increase in just six months.
XRP Set to Form Another Golden Cross
This historical precedent adds weight to the current analysis, further fueling the anticipation of a potential price upswing. The monthly chart shows that XRP is setting the stage to form another golden cross.
If XRP forms this golden cross, CoinsKid predicts a rally of around 720%, which could catapult the digital asset to new all-time highs (ATH). While the exact target is yet to be determined, the analyst suggests a conservative minimum target of $9 for XRP if it surpasses its previous ATH.
Meanwhile, in the short term, XRP has continued to trade below the $0.50 psychological price level. The asset’s hope to reclaim the price territory was dashed as it registered its first intraday loss for July yesterday. XRP is trading at $0.4884, up 0.32% over the last 24 hours.
Follow Us on Twitter and Facebook.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
-Advertisement-
Source: https://thecryptobasic.com/2023/07/05/xrp-set-to-form-golden-cross-after-3-years-price-expected-to-soar-720/?utm_source=rss&utm_medium=rss&utm_campaign=xrp-set-to-form-golden-cross-after-3-years-price-expected-to-soar-720