XRP marks a triumphant return of its Golden Cross, occurring every 3 years, reigniting hopes for a substantial rally. Market sentiment is a blend of excitement and caution among experts, who withhold exact price predictions. This serves as a reminder to investors that historical trends don’t guarantee future outcomes. Currently trading at $0.6296, XRP’s trajectory remains under close market scrutiny.
XRP, the digital asset associated with Ripple, is displaying a renewed sense of optimism in the midst of a recent downtrend. Despite suffering a 36% decline from its high of $0.9380 on July 13, XRP has managed to capture the attention of investors and enthusiasts by forming a golden cross on its 3-day chart for the first time in three years.
The prominent figure within the XRP community, known as MackAttack, has garnered attention once again, this time for highlighting the emergence of the bullish pattern through a tweet. The influential voice cited a chart sourced from the platform TradingView, courtesy of user CoinChartist.
MackAttack, in reference to the chart’s data, underlined the significance of this newly formed golden cross. This technical indicator, marking the crossing of the 50-day moving average over the 200-day moving average, has historically been linked to substantial bullish trends. The community stalwart expressed a belief that the current occurrence of the golden cross could potentially trigger an unprecedented, sustained upward trajectory for XRP.
XRP’s Historical Golden Cross Triumph: Astonishing Rally In 2017-2018
The credibility of MackAttack’s assertion rests on the historical pattern observed on the 3-day chart. Curiously, each of the prior instances of the golden cross for Ripple led to remarkable price surges.The first golden cross appeared in April 2017 when XRP was trading at a modest $0.0264. The cryptocurrency then embarked on an astonishing rally, skyrocketing by a staggering 12,437% to reach an all-time peak of $3.317 in January 2018.
The second cross emerged in December 2020, a period marked by legal turmoil as the United States Securities and Exchange Commission (SEC) filed charges against Ripple, contending that XRP should be classified as a security. Despite the regulatory pressures and bearish sentiment, XRP defied the odds and surged once more following the cross. In a matter of months, it ascended from a low of $0.17 in December 2020 to a zenith of $1.96 in March 2021, marking an impressive 1,052% gain over three months. Analysts, however, posit that the rally could have potentially been even more robust without the shadow of the SEC lawsuit.
XRP’s Third Golden Cross Sparks Market Enthusiasm and Caution
XRP has now carved out its third golden cross after a nearly three-year interval. Given the track record of previous occurrences, market sentiment is buzzing with excitement about the prospect of another substantial price rally.Although experts and analysts have refrained from providing precise price projections, the prevailing optimism has led to a wide array of speculative targets. A sense of caution, however, prevails amidst the enthusiasm. It is crucial for investors to exercise prudent judgment, as historical performance does not guarantee future price movements.
As of the most recent update, Ripple is currently trading at $0.6296, marking a marginal decline of 0.25% over the past 24 hours. The market remains attentive to how this newly formed golden cross will shape the cryptocurrency’s trajectory in the coming weeks and months.