The XRP price has been rather stagnant in recent days. However, this could be about to change according to crypto analyst Jaydee. In a recent technical analysis, Jaydee has highlighted a potential golden cross on the 4-day chart which may be confirmed as soon as today.
Crucial XRP Price Signal Today?
The chart presented by Jaydee shows a potential golden cross, a bullish chart pattern that occurs when a shorter-term moving average crosses above a longer-term moving average. The last occurrence of a golden cross was followed by an impressive 650-fold increase in XRP’s price, according to the analyst.
Jaydee posted on X (formerly Twitter), “XRP – Golden cross on 4-day chart confirming today? Will this help us break the 8 year trendline? Last time it did this, XRP 650x! Although it won’t make the same gains, the gains coming will be LIFE CHANGING for the 5% who take “calculated” profits!”
In the history of the XRP price, there have been two occasions in which Jaydee’s golden cross has taken place. The first was in March 2017, which was followed by a massive rally that saw the price rise from below $0.005 to its all-time high of $3.31. The rise represented a price gain of over 65,000%.
The second time was in December 2020, when the price rose from around $0.17 to as high as $1.95. This represented a price appreciation of an incredible 1,040%. However, the rally came to an abrupt end when it was rejected at Jaydee’s “8-year trend line”.
How High Can The Price Rise?
This long-standing resistance level has capped the XRP price growth several times since its inception. Based on the monthly chart, the XRP price has been rejected at the descending trend line a total of 6 times since January 2018.
This is another similarity to the 65,000% rally which started in March 2017. The chart by Jaydee outlines a notable 4-year trendline breakout that occurred after the Golden Cross appeared. If history repeats, the price could target the upper end of the trendline very soon, if the golden cross is confirmed today.
Currently, the digital asset’s price is hovering around the $0.63 mark. According to Jaydee, the price could go straight up to the resistance of the descending 8-year trendline. Notably, the XRP price would have to rise to the region around $0.82 to touch the resistance.
The yellow arrow in Jaydee’s chart shows where the XRP price could move. Even if the crypto analyst does not name a specific target, he indicates with the yellow arrow that XRP could potentially reach over $20 by 2025.
In response to community member James’ query regarding the possibility of a 650x increase, Jaydee cautiously tempered expectations. While acknowledging the historical bull runs, Jaydee stated, “I wish.. highly doubt it though brotha.”
At press time, XRP traded at $0.6244.
Featured image from iStock, chart from TradingView.com
Source: https://www.newsbtc.com/xrp-news/xrp-price-crypto-analyst-65000-rally-signal-today/