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The broader digital currency community has experienced price fluctuations within the past 24 hours. Bitcoin, after almost hitting $70,000, has crashed by a significant 4.39% to $66,668.76. Other altcoins have not been spared, except XRP, which surged 3.23% to trade at $0.6288, according to data, by the time of writing.
Anticipation of "golden cross" boosts optimism
This surge was backed by over 2.7 billion in XRP volume in what market observers consider an epic price reset in the last 24-hour period. Notably, the achievement for the digital asset coincides with community anticipation and optimism for an XRP “golden cross” as major moves on the market hint at a potential crossover.
Tomiwabold OlajideAlthough a “death cross” could also occur, stakeholders remain hopeful for a golden cross as they keep a close eye on the 50 Simple Moving Average (SMA) and the SMA 200 on XRP’s hourly charts.
While it is premature to state with certainty, analysts believe a stable price performance could see XRP climb toward the $0.7 mark. One major bullish factor includes speculation about a possible legal dispute settlement with the United States Securities and Exchange Commission (SEC) that filtered in last week.
Although the prospect of a Ripple v. SEC settlement has been debunked by XRP lawyers, it initially helped fuel a rally while it lasted.
Expert analysis and future predictions
Experts maintain that while the volatility of XRP makes it difficult to predict its price movement, investors have been encouraged to look to the asset’s “bull flag.” The bull flag sometimes signals the next price direction for XRP, as a price break from it indicates a possible price surge.
Alex DovbnyaMeanwhile, as recently reported by U.Today, Tony Severino, founder of CoinChartist, believes XRP’s Bollinger Bands have come in at their tightest, and the last time that happened, the asset recorded a 60,000% rally - back in 2018.
Denys Serhiichuk
Alex Dovbnya