Despite the downward trend observed last month, XRP is showing signs of recovery. XRP experienced a decline of approximately 36% from its level of $0.93 on July 13. However, the cryptocurrency recently formed a golden cross on the three-day chart for the first time in three years. This occurrence, which has happened three times in the XRP chart so far, is interpreted as a precursor to a major rally.
Impact on Price Increase
MackAttack, a prominent figure in the XRP community, recently highlighted the bullish formation in a tweet. He referred to data obtained from a chart presented by CoinChartist, a notable TradingView user.
Referring to the information on the chart, MackAttack emphasized that the latest golden cross is the third intersection ever seen in XRP. The renowned investor claimed that the emergence of this intersection could mark the beginning of an unprecedented bull run. MackAttack’s claim is supported by historical data seen on the three-day chart. Interestingly, each golden cross in the XRP chart has been followed by a significant price increase.
XRP Golden Cross Data
The first golden cross in the XRP chart was seen at $0.0264 in April 2017. The cryptocurrency then recorded an impressive rise, reaching $3.317, the all-time high, with a massive increase of 12,437% in January 2018. When the SEC accused Ripple of being a security in December 2020, the intersection occurred again. Despite the prevailing legal pressure and downtrends, XRP experienced a rally shortly after the intersection.
The cryptocurrency surged from its low level of $0.17 in December 2020 to a peak of $1.96 in March 2021. This increase represented a 1,052% rise within three months. Market analysts believe that the rally could reach much higher levels once the SEC case is resolved. The XRP chart formed its third golden cross in approximately three years. Due to previous performances, this latest formation has triggered speculation of another price rally. While analysts predict an astronomical increase, no specific price forecast has been made, leaving the potential target open to numerous interpretations.
