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The price of popular cryptocurrency XRP is about to hit an all-time high. Currently trading at $1.47 per XRP, the price of the popular cryptocurrency is at its highest level since May 2021, when the last widely recognized bull market in cryptocurrencies took place.
However, the last all-time high for the sixth largest cryptocurrency was set long before that, in early 2018, when the price of XRP peaked at $3,317. The fact that this high may soon be surpassed is suggested by technical indicators, as the price of XRP has risen 186.5% this month, breaking through a key level of dynamic resistance that has only been in place since 2018.
This fact alone would be enough to suggest that the popular cryptocurrency's ambitions are greater this time around than in 2021.
But there is more to it than that, as the golden cross forming on the cryptocurrency's weekly chart may give XRP more confidence from a technical analysis perspective.
A golden cross is formed when two moving averages of different orders cross, with the smaller 50-day curve crossing the larger 200-day curve. The larger the time frame in which the pattern is formed, the more powerful it may be. In addition, golden crosses on the weekly chart are extremely rare, and the last one was for XRP in May 2021. Its appearance coincided with XRP's price peak.
This time, though, the situation may be different, as the dynamic resistance was breached, meaning the ceiling may be higher. Previous pre-breakout speculation pointed to $4.20 as one of the targets for the XRP price, which would be rather amusing considering the memetic nature of this number.