The popular cryptocurrency XRP has been in the spotlight over the past week thanks to an impressive increase of over 80%.
XRP, one of the oldest players in the crypto market, seemed to have been written off by many. Still, the token showed a monstrous price increase, reaching $1,265 per token, a three-year high.
The recent revival of XRP is partly attributed to the enormous interest in the coin and partly to regulatory developments in the American political sphere. These factors have given XRP a momentum it hasn’t seen in years.
Historic price breakthrough on the way?
XRP has achieved a major milestone by breaking out of an accumulation triangle that has held since 2018. According to analysts, this could lead to the biggest price breakthrough in XRP history. Despite the significant increase so far, this appears to be just the beginning of what could potentially be a much bigger rally.
An important confirmation of the strength of the current price increase is a healthy correction of 20% to $1, where buyers have once again shown their interest. Moreover, a rare pattern is visible on the weekly chart of XRP: the so-called “golden cross.”
What is a Golden Cross and what does it mean for XRP?
A golden cross occurs when the 50-day and 200-day moving averages cross from bottom to top. This pattern is often seen as a strong signal for an upcoming rally. The fact that this pattern is forming on the weekly chart makes it extra special, partly because XRP has been tradable for more than a decade.
Yet this pattern also entails risks. In April 2021, for example, a golden cross on the weekly chart marked the end of a rally. But even then, the price of XRP managed to rise 350% and peaked at $1.97 before the trend reversed.
What does this mean for XRP?
With current developments, XRP seems to be in a crucial phase. The combination of technical signals, renewed confidence in the token and growing regulatory attention could lead to a historic breakthrough. However, caution remains necessary, as the market often behaves erratically after such patterns.
For now, XRP appears to have once again firmly gripped the crypto world’s attention, with a potentially promising future on the horizon.
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Source: https://newsbit.nl/ripple-xrp-breekt-uit-jarenlange-driehoek-is-dit-het-begin-van-de-grootste-rally-ooit/
