Ripple’s XRP demonstrated a remarkable performance in the last 24 hours, increasing its price by 8% to reach $0.61. The rapid rise in the altcoin’s price coincided with the “Golden Cross” formation seen on the price chart and the general recovery in the cryptocurrency market.
Golden Cross Formation on XRP’s Price Chart
XRP’s price movement is driven by the “Golden Cross” formation, which is often considered a strong bullish signal by technical analysts.
This formation occurs when the short-term moving average (50-day moving average) crosses above the long-term moving average (200-day moving average). The technical signal suggests that XRP’s price could continue to rise in the near future.
SEC’s Silence and General Recovery in the Cryptocurrency Market
XRP’s price increase is also linked to the US Securities and Exchange Commission (SEC) not appealing the final decision in the lawsuit against Ripple. Judge Torres had ruled that Ripple must pay a $125 million fine for violating some securities laws, which was 94% less than the initial $2 billion demanded by the SEC, interpreted as a win for Ripple.
Ripple CEO Brad Garlinghouse and other industry players called the decision a major victory. The SEC has the right to appeal the court’s decision but has not taken any steps in this direction so far.
Meanwhile, the recent significant price increase of XRP seems to follow the general recovery in the cryptocurrency market. The global cryptocurrency market value exceeding $2.2 trillion, Bitcoin (BTC) approaching $61,000, and Ethereum (ETH) surpassing $2,650 are among the factors positively affecting XRP’s price.
Predictions About XRP’s Future
XRP’s strong rise has led to great optimism in the cryptocurrency market. Many analysts expect XRP to rise further in the coming days. On social media platform X, a popular analyst named CRYPTOWZRD indicated that the altcoin’s price has entered a strong bull market, predicting increased volatility in the short term, which would favor XRP.
Another analyst, JACKIE, suggested that XRP has led market rises in the past and this could happen again. JACKIE added, “Many will struggle to adapt to this new paradigm because it was usually the opposite in the past. XRP would rise, and then the market would fall. The smart ones adapt.”
