XRP has garnered attention again following a well-known crypto analyst's announcement about the formation of a golden cross on the charts. This event may suggest potential growth for the asset.
What is a Golden Cross?
A golden cross is a technical indicator that occurs when a shorter-term moving average crosses above a longer-term moving average, signaling a shift in momentum from bearish to bullish. In this case, the 9-period moving average has crossed above the 26-period moving average, indicating a reclaiming of control by buyers.
Current Market Situation
As of the current moment, XRP is trading around $2.80. The crossover appears at around $2.82. The immediate goal is to break resistance between $2.94 and $3.00, which could validate the bullish signal.
Impact of the Wider Market on XRP
While the golden cross is a bullish indicator, it's essential to consider the broader sentiment in the cryptocurrency market, particularly in relation to Bitcoin's movements. Historically, altcoin rallies strengthen when Bitcoin trends upwards and market liquidity increases.
The observation of the golden cross signals a possible change in XRP's short-term trend. However, confirmation through sustained trading volume and strong closes will be crucial for the asset's successful growth.
