Altcoin XRP, issued by US-based Blockchain company Ripple, could potentially refresh its record by surpassing its all-time high if it achieves the price movement expected after the formation of the well-known technical chart formation, the Golden Cross, according to an analysis put forward by crypto analyst and trader CoinsKid.
XRP Price Soared 720 Percent Last Seen
The Last Time It Was Seen, XRP Price Had Increased by 720% The golden cross, which forms when the 10-month Exponential Moving Average (EMA) crosses above the 20-month EMA on XRP’s monthly time frame as indicated by CoinsKid, was last seen in 2020. This occurrence led to a rise in the leading altcoin’s price over 720%. Currently, XRP is trading at $0.48, and a similar rally could allow the altcoin to refresh its record by surpassing its previous peak of $3.84, recorded on January 4, 2018.
The golden cross in technical analysis occurs when a shorter-term moving average crosses above a longer-term moving average and is a significant bullish signal indicating a potential significant price increase. In this particular scenario, a golden cross would form when XRP’s 10-month EMA, a measure of its average price over the last 10 months, crosses above its 20-month EMA.
This type of technical indicator can signal a potential large increase in an asset’s price. As a result, investors tend to take long positions on the asset rather than short, reducing selling pressure on the price.
The SEC’s Lawsuit Against Ripple is Awaited
Awaiting The Result Of The SEC‘s Lawsuit Against Ripple The potential formation of the golden cross is not the only bullish signal for XRP at the moment. Ripple has been engaged in a serious legal battle with the U.S. Securities and Exchange Commission (SEC) since December 2020. If Ripple wins the case, it could trigger a major rise for XRP, as it would mean the removal of a significant barrier limiting its adoption and price performance.
Market observers and lawyers are focusing on the court potentially delivering a summary judgment very soon, even within this month.
