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XRP, the seventh largest cryptocurrency by market capitalization, recently formed a golden cross on its short-term charts — a technical indicator that often signals the potential for a price rally. The market is watching closely to see if this development could lead to a significant upward movement in XRP's price.
A golden cross occurs when a short-term moving average (usually the 50-period moving average) crosses above a long-term moving average (often the 200-period moving average).
In the case of XRP, the golden cross has emerged on the four-hour chart, which means that the shorter-term momentum has overtaken the long-term.
This crossover is generally interpreted as a bullish signal, suggesting that momentum is shifting in favor of buyers and that a price increase could be on the horizon.
Tomiwabold OlajideThe XRP price trended higher in the past week as the markets broadly rallied following a jumbo Fed rate cut.
What's next for XRP's price?
XRP began to rise after rebounding sharply from lows of $0.50 on Sept. 6. Although the rise was punctuated by minor dips, XRP remained in an upward trend, reaching a high of $0.612 on Sept. 21 before declining.
At the time of writing, XRP was down 1.18% in the last 24 hours to $0.587. As it stands, the $0.61-$0.66 range has acted as a psychological barrier in recent months, and a successful breach of this level could trigger additional buying pressure, driving the price higher.
Traders are also eyeing the $0.748 mark as a critical barrier. If XRP can gather enough momentum to break past this key resistance, a significant price surge may follow, potentially taking the seventh-largest digital asset to new yearly highs.
While the golden cross is a bullish signal, it is essential to consider other factors such as overall market sentiment and broader economic trends that might significantly impact XRP's price.
Yuri Molchan
Vladislav Sopov
Dan Burgin
Alex Dovbnya