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The broader digital currency community has experienced price fluctuations within the past 24 hours. Bitcoin, after almost hitting $70,000, has crashed by a significant 4.39% to $66,668.76. Other altcoins have not been spared, except $XRP, which surged 3.23% to trade at $0.6288, according to data, by the time of writing.
Anticipation of "golden cross" boosts optimism
This surge was backed by over 2.7 billion in $XRP volume in what market observers consider an epic price reset in the last 24-hour period. Notably, the achievement for the digital asset coincides with community anticipation and optimism for an $XRP “golden cross” as major moves on the market hint at a potential crossover.
Although a “death cross” could also occur, stakeholders remain hopeful for a golden cross as they keep a close eye on the 50 Simple Moving Average (SMA) and the SMA 200 on $XRP’s hourly charts.
While it is premature to state with certainty, analysts believe a stable price performance could see $XRP climb toward the $0.7 mark. One major bullish factor includes speculation about a possible legal dispute settlement with the United States Securities and Exchange Commission (SEC) that filtered in last week.
Although the prospect of a Ripple v. SEC settlement has been debunked by $XRP lawyers, it initially helped fuel a rally while it lasted.
Expert analysis and future predictions
Experts maintain that while the volatility of $XRP makes it difficult to predict its price movement, investors have been encouraged to look to the asset’s “bull flag.” The bull flag sometimes signals the next price direction for $XRP, as a price break from it indicates a possible price surge.
Meanwhile, as recently reported by U.Today, Tony Severino, founder of CoinChartist, believes $XRP’s Bollinger Bands have come in at their tightest, and the last time that happened, the asset recorded a 60,000% rally - back in 2018.