Will XRP holders see a 176% rally this time after the formation of the ‘golden cross’?

Ripple’s move against the Securities and Exchange Commission continues to make headlines. Regardless of the outcome, XRP holders have not stopped supporting the altcoin.

These are AMBCrypto XRP Price Predictions for 2022-2023

Ripple’s original token, XRP, has suffered greatly during the ongoing trial that began in December 2020. However, it seems that XRP has finally found its foothold as its holders have recently demonstrated tremendous determination and strength.

XRP Said to be “Problematic” appeared Its first “golden cross” in 15 months, which was considered by famous analysts as an indicator of a bull market.

In fact, when an asset’s short-term moving average crosses above its long-term moving average, it is a good signal for its price. Golden crosses are a potential indicator of major price hikes.

Source: Trading View

XRP’s 50-day moving average has crossed above the asset’s 200-day moving average, forming a bullish golden cross pattern. The Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) indicators also supported buyers at press time.

The golden cross has appeared on XRP charts several times in the past. Its most recent event was on July 17, 2021, followed by a 176% price hike later, with XRP peaking at $1.41 before turning to the downside.

Recent developments have injected new demand for XRP. And Ripple did not fail to do so. fiatleak, a platform for tracking the flow/flow of crypto money sheds some light on this issue. In this, Ripple swept 100 million XRP as investors “frantically” snapped up XRP-oriented products.

In addition, cryptocurrency investment products offering investors exposure to XRP have received significant inflows. According to a CoinShare report, an investment product focused on XRP saw an inflow of $800,000 last week. This amount represents the “largest since the start of litigation with the Securities and Exchange Commission.”

At the same time, the sentiment of the traders has turned positive recently. Thus, a recovery is expected in the fourth quarter of XRP.

What is the concern then?

XRP is still weak. So far, XRP is still below the $0.5 mark on the price chart. Despite Ripple’s enthusiastic efforts to facilitate partnerships and collaborations, XRP still has a long way to go.

Notably, Ripple’s daily active headlines have been declining over the past month. Thus, indicating that users on the Ripple network were passive in terms of activity. Another measure that indicates declining activity is the velocity of Ripple.

So traders should be very careful before making any move.

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