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In an article by U.Today last week, it was reported that an extremely rare golden cross was forming on the price chart of XRP against the market's leading cryptocurrency, Bitcoin (BTC). Seven days in and XRP demonstrated a 15% gain against BTC.
Currently trading at 0.00002834 BTC, XRP is just 20% below its local highs versus the major coin, and with the golden cross just entering the scene, the most logical question that hits the collective mind of market participants is — is this just the beginning?
Gamza KhanzadaevIf we try to look for answers in the price history of these two assets, we will fail as there are no previous occurrences of the 23-day median crossing the 200-day median — which is ultimately a golden cross.
The historical high for XRP against Bitcoin is also 0.00024 BTC, which is 1,000% from the current level and certainly won't happen in the near future unless something like "XRP is now the world's reserve asset" becomes a reality.
Bitcoin price action hints at $4.20 XRP
If the altcoin cryptocurrency ever reaches such a valuation again, its price will be around $23.27 and its market capitalization will be worth $1.35 trillion. Where if this scenario comes true and if such a development is even possible, Bitcoin will remain a place for speculation.
Trying to find some strong levels on a price chart, the nearest one appears at 0.000043 BTC for XRP, which is another 53% up from current levels. Considering the 15% increase this week alone, this does not seem unreal. If this price threshold is reached, the XRP price could reach the $4.17 level, assuming the Bitcoin price remains constant.
Interestingly, last year's projections indicated a $4.2 XRP possibility, and this number appears again. Coincidence or things falling into the original puzzle after all?
Dan Burgin
Vladislav Sopov