Crypto enthusiasts are eagerly anticipating a potentially rare bullish pattern forming for XRP, as the cryptocurrency approaches its third golden cross in history. A golden cross occurs when shorter moving averages surpass or cross long-term moving averages, signaling a shift from bearish to bullish market sentiment.
Renowned analyst Egrag Crypto recently took to Twitter to share insights on the upcoming bullish cross for XRP. According to Egrag’s analysis, each time the 21-week exponential moving average (EMA) and the 100-week exponential moving average (EMA) form a bullish cross, XRP experiences significant price surges.
Looking back at XRP’s historical data, Egrag highlighted that the cryptocurrency has only witnessed two golden crosses in the past, with the upcoming one being the third. The first golden cross occurred in March 2017, when XRP was trading at around $0.00672. Subsequently, the asset skyrocketed by over 49,155%, reaching an all-time high of $3.31.
In 2020, XRP saw its second golden cross, resulting in a substantial 653% increase in value. Despite facing regulatory challenges from the SEC, the cryptocurrency surged from $0.2675 in November 2020 to nearly $2 in April 2021.
Drawing parallels to previous events, Egrag suggests that XRP could potentially experience price surges similar to those seen in 2017, with a potential increase of approximately 24,577%. This would imply a surge in XRP’s value to over $128 from its current trading price of $0.5208.
Egrag’s tweet sparked a flurry of responses from the XRP community on Twitter, with some seeking further clarification and others celebrating the potential for significant price gains.
As XRP approaches its third golden cross in history, crypto enthusiasts are closely monitoring the market for any signs of a bullish breakout. If history is any indication, XRP could be on the verge of another explosive price rally, potentially surpassing $100 and beyond.
Please note that the content above is generated by an AI and should not be considered financial advice. Always do your own research before making any investment decisions.