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Ripple Labs‘ issued altcoin XRP recently signaled a potential uptrend by forming a Golden Cross on its price chart. A Golden Cross occurs when a shorter-term moving average crosses above a longer-term moving average, typically the 50 and 200 periods, indicating potential price increases. However, analysts emphasize that a Golden Cross does not guarantee growth and warn against overly optimistic expectations.
First, the $0.65 Resistance Must Be Overcome
Although a Golden Cross is technically a strong bullish signal, the impact on XRP’s price in the current market environment remains uncertain. After recent sell-offs and finding support at the $0.58 level, XRP faces a significant resistance around $0.65 that it needs to overcome to confirm the uptrend. Currently, the likelihood of breaking through this resistance level is considered weak.
Although the Golden Cross indicates a potential reversal from the current downtrend, XRP lacks sustainable growth factors that could lead to significant rallies. Therefore, the probability of XRP maintaining its support level and breaking the downtrend to start an uptrend, dependent on surpassing the $0.65 resistance, is considered low.
If the altcoin consistently closes candles above this level and maintains it, bulls could aim for the $0.70 to $0.75 range, where previous price action showed significant activity, pushing the price upward.
The General Trend in the Crypto Market Will Be Decisive
Despite the formation of the Golden Cross, the effect on XRP’s price may not be immediate and could take several weeks to materialize. Moreover, considering the recent market correction in the crypto market, the fact that XRP and other altcoins have not fully recovered necessitates caution among investors.
Despite the positive technical signal from the price chart’s bullish formation, market participants should remain vigilant and closely monitor XRP’s price movements for further confirmation of the uptrend. Based on current data, XRP has seen a 3.19% increase in the last 24 hours, trading at $0.6173.
