- XRP has formed a Golden Cross, suggesting its price could be about to embark on a price rally that would take it to $5.5, says one analyst, citing historical trading data.
- In the three previous times that the token has recorded a Golden Cross, it has recorded price surges, including its record-setting 2017 run.
XRP could be about to embark on a massive price rally that would set a new record price above $5, one analyst believes, pointing to historical data.
The analyst, known as Egrag Crypto to his 49,000 followers on X, pointed out that XRP has recorded a golden cross, and judging from previous bull rallies, the crypto will skyrocket to new heights in the current bull market.
A golden cross in the trading world is a bullish pattern in which the short-term moving average crosses above the long-term moving average. Long-term MAs carry more weight and often form the resistance for an asset. Therefore, it’s considered a bullish breakout whenever the short-term MAs surge past.
As Egrag pointed out, whenever XRP’s 21-day EMA crosses the 55-day MA, the crypto surges, as seen in the graph below.
In previous bull rallies, the spark came after the golden cross. In 2017, the Golden Cross started a 900% rally that resulted in a new all-time high early the following year at over $3.3. As if on cue, the price momentum turned bearish once the reverse happened and the 21-day EMA crossed below the 55-day MA.
Three years later, in 2021, the Golden Cross was observed once more. This time, it sparked a 584% surge in XRP’s price.
Egrag believes that the same will happen this year, and XRP will record another sharp upswing. His lower estimate is a 585% gain to $4, while his upper estimate is 900% to $5.5. He stressed his confidence, stating:
Honestly, if it did not reach ATH or at least $5-10, WE ARE REKT & FUCKED BIG TIME, then we have to wait for the next [bull run]. But i have conviction that double digit is in the cards this cycle. We are millionaires just waiting to be tangible.
XRP Targets New ATH
XRP trades at $0.6279 at press time, gaining marginally on the day despite a 12% dip in trading volume to $1.671 billion.
As Crypto News Flash reported, the crypto has failed to capitalize on the current bull market, during which most other tokens, including Bitcoin, have set new all-time highs. Its highest price since the bull market began towards the end of the year was $0.718, which it hit two weeks ago. For context, XRP’s all-time high was $3.84, achieved over six years ago.
This has led some to doubt its potential as an investment, with Joshua Jake, the host of the Discover Crypto podcast, urging investors to sell their XRP. He pointed out that BTC had outperformed XRP tenfold while other altcoins made even more significant gains.
However, XRP enthusiasts have brushed the detractors aside, pointing out that XRP is still the best long-term play as it has utility, which most other altcoins lack.
Black Swan Capitalist founder Vandell Aljarrah dismisses the advice to sell XRP. He noted:
Disregard advice to sell XRP prematurely. We’re at the onset of a bullish cycle, with the altcoin season yet to peak & the Bitcoin halving ahead. Understanding market cycles is essential for prudent investment decisions. We haven’t even started. The peak will be from 2024 to 2025.
