XRP is showing impressive signs of a promising future despite the current market downtrend. According to analysis conducted 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.
A golden cross, which occurs when a shorter-term moving average surpasses a longer-term moving average on a price chart, is a bullish technical pattern. This development is often viewed as a positive signal by traders and analysts, suggesting the potential for a notable upward price movement.
XRP’s Historical Golden Crosses and Price Impact
When looking at XRP’s historical performance, it becomes evident that previous golden crosses have had a remarkable impact on its price. CoinsKid, a prominent analyst, highlights that in 2017, XRP witnessed a 10-day and 20-day EMA golden cross, which led to a significant rally.
Corroborating these claims, data from XRP’s monthly chart reveals a golden cross occurrence in March 2017. Subsequently, XRP surged from $0.00555 in March 2017 to a high of $3.31700 in January 2018. This impressive rally represented XRP’s largest price surge to date, with an astonishing 59,665% appreciation in less than a year.
Likewise, the most recent golden cross took place in 2020. CoinsKid points out that this golden cross also resulted in a notable rally, leading to a 720% surge. Analysis of XRP’s monthly chart confirms the golden cross occurrence in November 2020.
Following this golden cross, XRP experienced another price surge. Notably, XRP climbed from a price of $0.23973 in November 2020 to reach a peak value of $1.96695 in April 2021. This represented an impressive 720.4% increase in just six months.
XRP’s Potential Golden Cross and Price Anticipation
The historical precedent of golden crosses in XRP’s price chart adds significant weight to the current analysis, intensifying the anticipation of a potential price upswing. The monthly chart indicates that XRP is on track to form another golden cross.
Should this golden cross materialize, CoinsKid predicts a potential rally of approximately 720%, potentially propelling the digital asset to new all-time highs (ATH). While the exact target remains uncertain, the analyst suggests a conservative minimum target of $9 for XRP if it surpasses its previous ATH.
In the short term, however, XRP has been unable to breach the $0.50 psychological price level, experiencing its first intraday loss for July. Presently, XRP is trading at $0.4759, showing a 2.32% decrease over the last 24 hours.