Significantly, the chart confirms that XRP experienced a bullish golden cross event in October 2020, as the 25-week moving average crossed above the 50-week moving average. Following this crossover, XRP surged to a peak of $0.7900 in November 2020.
Interestingly, this weekly bullish crossover occurred shortly after XRP broke free from a months-long downtrend that had been weighing it down. Nevertheless, as XRP initiated its rally following the crossover, it encountered resistance at the $0.7900 level, eventually leading to a correction in its gains.
However, this correction turned out to be brief, as XRP made a comeback, breaking through the resistance that was its initial target. Subsequently, XRP reached a high of $1.9669 in April 2021 after conquering the initial resistance at $0.7900.
XRP is now aiming to replicate this pattern within its current cycle, with Cryptobilbuwoo pointing out initial resemblances. In a second chart he provided, XRP once again breached a descending trendline that had persisted for several months. This breakout coincided with another weekly golden cross event.
During this breakout and the golden cross, XRP spiked to a high of $0.9479 in July, buoyed by a legal victory. However, similar to the previous cycle, XRP encountered substantial resistance at this peak. To date, the asset has corrected all the gains from that period, mirroring a trend observed in late 2020.
Cryptobilbuwoo anticipates that the July rally represents the initial upswing, projecting another imminent surge that could lead to an "explosion" in XRP's price. He suggests that XRP has once again tested the descending trendline, signaling an impending price surge.
In terms of price targets, the analyst offers a growth rate reminiscent of the one seen in 2021. Based on this projection, he forecasts XRP's price to potentially rise within the range of $5.3 to $6. Achieving $6 from XRP's current price of $0.4865 would require an impressive 1,133% rally.
