Technical signals on XRP's charts over the past five days are capturing traders' attention, sparking expectations for new price peaks. The crossing of the 23-day moving average above the 200-day average led to a price increase from $2.90 to over $3.50.
First Golden Cross and Its Impact on XRP
The first golden cross occurred on July 17, triggering a price surge of over 20% within minutes. The chart shows the short-term 23-day moving average surpassing the long-term 200-day average, viewed as a classic indicator of an uptrend. Following this cross, trading volumes rose for five consecutive days, with green candlesticks dominating the charts and selling pressure significantly decreasing.
Anticipating the Second Golden Cross
Attention now shifts to the upcoming second golden cross signal, which involves the 50-day moving average crossing above the 200-day average. Such consecutive crosses are rare but historically precede strong momentum in previous bullish cycles. Market activity remains high, with the price range widening, indicating potential new rallies.
Technical Projections at the $4.20 Level
Analysts remind that the price, emerging from last month’s triangular formation, still technically holds a target of $4.20. XRP soared from $0.50 to $3.50 during that period, marking approximately a 700% increase in value. With a minimal additional leap of 20% required to reach the target level, investors are closely monitoring potential for profit-taking. Experienced market commentator DonAlt raised expectations last week by suggesting $6.90 as a complete cycle peak.
The XRP market shows no signs of cooling down. Given the current chart structure, rising volumes, and consecutive green candlesticks, attacks towards $4.20 and subsequently higher levels become increasingly plausible, emphasizing the relevance of discussions around achieving the $6.90 mark.
