u.today
The popular cryptocurrency XRP hasn't been out of the news headlines for the past week amid a rise of more than 80%. XRP, an old-timer in the crypto market, which many participants, except for the hardcore believers, had written off, showed a monster price action, soaring to $1.265 per token, which was the maximum for the last three years.
Partly due to the heated response to XRP, partly due to regulatory developments in the U.S. political environment, the token is gaining momentum and attention never seen before.
As a result, its price has broken out of the triangle accumulation that has lasted since 2018, and what could be the biggest XRP price breakout in history is looming on the horizon. While the token has already risen significantly, this could be far from the end.
Aside from the fact that the validity of the current rise has been proven by a healthy 20% correction to $1, where a buyer has again indicated interest, a golden cross is beginning to form on XRP's weekly price chart.
The essence of this pattern is that the two moving averages, the 200-day and the 50-day, cross each other from bottom to top. When the short-term curve turns out to be higher than the long-term curve, it is considered that the token can expect an upcoming rally. The fact that the cross forms on a weekly chart makes it extremely rare and possibly only because XRP is an asset with more than a decade of trading history.
However, the opposite is also possible and a golden cross on the weekly XRP price chart will mark the end of the token's rally as it was for example in April 2021. However, even while the golden cross was formed, the price of XRP managed to grow by 350%, peaking at $1.97.