XRP, the native token of the Ripple blockchain, is generating significant buzz within the crypto community as analysts predict a potential surge in its price. Two prominent analysts have independently identified a golden cross pattern in the XRP price chart, a technical indicator often associated with bullish trend reversals.
A golden cross occurs when a shorter-term moving average intersects and surpasses a longer-term moving average. This pattern suggests that the price is gaining momentum and is likely to continue its upward trajectory.
Historical Precedents and Analyst Predictions
JD, a renowned crypto analyst on X, observed a golden cross on the five-day chart for XRP. This timeframe has historically preceded significant price rallies for the token. JD highlighted two previous instances of golden crosses on the five-day chart:
- In 2017, following a golden cross, XRP experienced a remarkable price increase of 650 times its initial value within 280 days.
- In 2021, despite the ongoing legal challenges faced by Ripple, a golden cross on the same timeframe triggered a 10x price surge within 70 days.
Based on these historical precedents, JD anticipates a potential price increase of 10x to 650x for XRP once the uptrend commences. This could mean a price surge from the current levels to as high as $390.
Technical Analysis and Price Projections
In addition to the golden cross, JD noted that XRP has been consolidating within a symmetrical triangle pattern. This chart formation often indicates a period of indecision before a significant price movement. The convergence of the trendlines at the apex of this triangle could trigger a substantial breakout.
Another analyst, Xoom, identified a golden cross on the daily chart for XRP. While less dramatic than the five-day pattern, this signal is still considered bullish for the short term.
Current Market Conditions and Short-Term Outlook
XRP has recently rebounded from a downward trend, finding support near the S1 pivot point at $0.44921. The digital asset has breached the $0.6 level but faced resistance around $0.61.
If XRP can successfully break above the $0.6 level, the next notable resistance levels are $0.65974, $0.72478, and $0.83004. Successfully breaching these levels could further boost XRP’s momentum.