XRP recently achieved a significant technical milestone, forming a Golden Cross on its 4-hour chart. This event, marked by the 50-period moving average (MA 50) crossing above the 200-period moving average (MA 200), signals a potential bullish trend. Analyst Armando Pantoja noted that with the current price around $0.6150, market watchers expect it to break the $0.65 and $0.70 resistance levels. He particularly predicted an eventual rise to $20 and beyond.
The Golden Cross, where the MA 50 crosses above the MA 200, is a widely recognized bullish indicator. It often suggests the start of upward momentum, driving optimism among traders. At present, XRP’s immediate resistance stands at $0.65, with the next resistance at $0.70. On the downside, support levels are observed at $0.5728 and $0.50. Despite this bullish setup, the Relative Strength Index (RSI) at 73.86 indicates that XRP is in overbought condition. This condition often precedes price pullbacks or consolidations, warranting cautious optimism among investors.
With the Golden Cross in play, analysts forecast that XRP may test and surpass the $0.65 and $0.70 levels shortly. However, to achieve the ambitious $20 target, sustained bullish momentum and favourable market conditions are needed. Overbought conditions indicated by the RSI suggest potential short-term corrections ahead.
XRP’s recent price surge has drawn varied analyses from crypto experts. Captain Faibik noted that XRP bulls are approaching a crucial trendline resistance on the weekly chart. Breaking this resistance could lead to substantial price movements. He emphasized that such a breakout could trigger an “epic pump” in XRP’s value. Similarly, MilkyBull Crypto observed that XRP has breached its RSI resistance. By comparing to the previous breakout of 2017, he questioned whether history might repeat itself under current market conditions.
At press time, XRP was trading at $0.5891 with a 24-hour volume of $4,371,464,273. It reflects a 2.15% decline in the past day but a 33.43% increase over the past week. With a circulating supply of 56 billion units, the cryptocurrency’s market cap stands at $32,930,549,114.
