XRP stands on the brink of a significant technical shift despite a negative atmosphere in the cryptocurrency market. The Ripple 
$2 altcoin is showing signs of a “golden cross” formation, where the short-term moving average is poised to cross above the long-term moving average. Having struggled to surpass the $3 level since January, this technical evolution could enable XRP to regain upward momentum. Currently trading at $2.07, XRP coin is preparing to challenge critical resistance points in the short term.
Can the Golden Cross Bring a New Surge for XRP?
The golden cross formation is a key indicator in technical analysis, occurring when the short-term moving average rises above the long-term moving average. This formation is viewed by traders as a strong signal that a bullish trend is about to begin. As XRP’s price approaches this crucial threshold, a renewed expectation for an upward movement has emerged among traders.
Should the formation materialize, the initial target for XRP will be to break through the resistance level of $2.60. Market experts believe that if this resistance zone is breached, a swift ascent toward the $3 level could follow. Consequently, traders are exercising caution at current levels while simultaneously preparing for a potential bounce.
Developments in the Asian Market Boost Institutional Confidence in Ripple and XRP
In addition to XRP’s technical outlook, external market developments are also supporting price movement. Recent advancements in the Asian market, particularly, are boosting institutional confidence in the altcoin. HashKey Capital has announced the launch of a tracking fund specifically designed for XRP coin in Asia, making it the second altcoin backed by HashKey after Ethereum 
$2,660.
The choice of XRP is attributed to its advantages over traditional financial systems, especially in cross-border payments. The establishment of this fund may increase the altcoin’s appeal among institutional investors.
In the U.S. market, anticipation continues. ETF Store President Nate Geraci has stated that it is only a matter of time before XRP-based ETF applications receive approval. Geraci added that there is no justification for the SEC to reject these applications.
