This week, all eyes are focused on XRP, the cryptocurrency associated with Ripple. In an intriguing revelation, experts predict that XRP could experience unprecedented growth if it follows a pattern known as the “golden cross”.
The “golden cross” is a positive signal in technical analysis that occurs when a short-term moving average surpasses a longer-term moving average. This occurrence suggests the potential for a significant price increase.
For XRP, the golden cross is identified when the 10-month exponential moving average (EMA) of XRP exceeds the 20-month EMA. This indicator typically encourages investors to consider buying, as it signals a potential increase in the asset’s value.
The last time XRP witnessed a golden cross, its value skyrocketed by over 720%. If history repeats itself, we could see XRP surpass its previous high. Currently, the price of XRP stands at US$0.4780, experiencing a 2.2% decline in the last 24 hours. A rally similar to the previous one would position XRP in an extremely advantageous position.
It’s not just technical analysis that supports XRP’s bullish outlook. Ripple is currently engaged in a legal battle with the United States Securities and Exchange Commission (SEC). A victory in this lawsuit could provide a substantial boost to XRP, removing a significant obstacle that currently hinders its adoption and price performance.
Considering the potential for a golden cross and a positive outcome in the SEC lawsuit, XRP has the potential to reach new price heights. Some experts, such as influencer CoinsKid, suggest a conservative target of $9 if the all-time high is surpassed.
Disclaimer: The views and opinions expressed in this article, as well as those of individuals mentioned, are solely for informational purposes and should not be considered as financial or investment advice. Investing or trading cryptocurrencies carries a risk of financial loss.
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