This week, the focus of analytical eyes is on XRP, the cryptocurrency linked to the company Ripple. In an intriguing revelation, it is predicted that XRP could reach never-before-seen heights if it repeats a pattern known as the “golden cross”.
The “golden cross” is a positive signal in technical analysis that occurs when a short-term moving average breaks above a longer-term moving average. This situation indicates the potential for a considerable price increase.
In the case of XRP, the golden cross is identified when the 10-month exponential moving average (EMA) of XRP breaks above the 20-month EMA. This type of indicator usually encourages investors to consider a buy position, as it can be a sign that the asset's value will increase.
The last time XRP saw a “golden cross”, its value surged by over 720%. If this scenario repeats itself, we could see XRP breaking its previous high. At the time of publication, the XRP price was quoted at US$ 0,4780 down -2.2% in the last 24 hours. A rally similar to the previous one would put XRP in a very privileged position.
It's not just technical analysis that is bullish for XRP. Ripple is currently involved in a legal battle with the Securities and Exchange Commission (SEC) from the USA. A victory in this lawsuit could result in a strong boost for XRP, as it would remove a significant hurdle that currently limits its adoption and price performance.
Given the possibility of a golden cross and a potential positive outcome in the lawsuit with the SEC, XRP could indeed reach new price heights. Some experts, as influencer CoinsKid suggest a low target of $9 if the all-time high is breached.
