XRP Golden Cross Secured: Up Now?

Photo of author
Written By Maya Cantina

Thu, 21/03/2024 – 8:57

Cover image via www.freepik.com

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

XRP has formed a “golden cross” on its price chart, which is widely considered the strongest bullish signal for any kind of asset. It appears when a shorter-term moving average crosses above a longer-term moving average, usually 50 and 100, hinting at a price increase. But before XRP holders get their hopes up, it is important to note that the golden cross is not a magic signal guaranteeing immediate growth.

Advertisement

To understand the possibility of a prolonged reversal, let’s take a look at the chart. We see that XRP has established some support at around $0.58, a level where it has bounced back after recent sell-offs. If this support does not get broken during the first test, it can become a foundation for further gains. Keep in mind, the first substantial resistance lies around the $0.65 mark, which XRP would need to break through to confirm a bullish trend. Unfortunately, the possibility of it is slim.

XRPUSDT
XRP/USDT Chart by TradingView

While the golden cross can indicate a trend change, it does not necessarily mean that XRP will rally right here and now. The possibility of a bullish reversal remains modest, considering XRP’s lack of strong performance. It is essential to consider that XRP’s past performance has seen volatility without substantial growth factors driving sustained increases.

For a growth scenario, XRP would need to maintain its footing above the support level and push past resistance at $0.65. If it can close above this level and hold, the next target for bulls will be around the $0.70 to $0.75 range, where past price action has shown significant interaction.

The golden cross may have secured its place on the XRP chart, but its effect on the price is not guaranteed and might only appear after a few weeks. Considering the severe correction the cryptocurrency market has experienced recently, XRP and other assets have not yet recovered fully, which is why caution is advised.

SOURCE

Leave a Comment