Since the beginning of November, the XRP market has shown a significant growth of 218.68%. Over the past four days alone, there has been a notable rise of 14.69%. The current price of XRP is just 14.39% below the 2021 peak of $1.83558. The weekly XRP chart indicates that the 50-day MA is about to cross the 200-day MA, suggesting a potential golden cross formation.
Massive Price Surge in the XRP Market
In November, XRP, the sixth largest cryptocurrency with a market cap of $91,578,592,512, recorded a substantial surge of 206.1%. At the start of this month, the XRP price was $0.51343, slightly dropping to a low of $0.50192 on November 4. However, the very next day, buyers took control of the market. Since then, the market has steadily risen despite two corrections: a 5.920% correction on November 17 and a 5.07% correction between November 23 and 26. In the past seven days, XRP has surged by 17.2%.
XRP Golden Cross Signal: Rare and Powerful
Analyzing the weekly XRP chart, it is evident that the 50-day SMA is about to cross the 200-day SMA, forming a golden cross. The last golden cross was observed in 2021 when the XRP price touched a peak of $1.56055. Similarly, before the 2018 ATH, a golden cross signal was visible in the weekly chart. Experts see a golden cross as a powerful bullish signal. It is possible for the market to see a strong upward momentum, similar to the two key previous surges in 2018 and 2021.
XRP Breaking Dynamic Resistance
The price of XRP has surpassed a 5-year dynamic resistance level, connecting the highs of 2018 and 2021. This further supports the technical signals pointing to massive bullish momentum in the market. The existing technical signals provide enough confidence to assume the market now has the potential to surpass its 2018 ATH of $3.317. Some crypto analysts are considering the $4.20 range as the next target.
XRP’s recent performance and the formation of bullish technical patterns suggest strong potential for upward momentum.
