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The price of XRP last traded above $3 in January 2025. Since then, despite its resilience on the cryptocurrency market, the coin has not retested the price level. This might change soon as XRP is set to achieve a golden cross, as shown by its price chart.
Golden cross sparks XRP breakout speculation
Analysis shows that XRP’s short-term moving average is about to surpass its long-term moving average. For clarity, a "golden cross" appears when a short-term moving average crosses above a long-term moving average, often suggesting an uptrend is gaining momentum.
Caroline AmosunInvestors in the ecosystem consider this a positive sign, as it suggests a looming price breakout for an asset.
Hence, despite the crypto market’s bearish atmosphere, XRP might soon soar to new heights as the price attempts another upward move.
As of press time, the XRP price was trading at $2.07, a 0.73% decline in the last 24 hours. Investors in the altcoin appear cautious as trading volume has dipped by 21.84% to $2.38 billion.
However, if the pending golden cross materializes, the ecosystem will likely witness an uptick in trading activity.
Notably, a price surge could see XRP flip the $2.60 resistance level as its price looks to soar toward the $3 mark again.
HashKey Capital boosts institutional confidence
Meanwhile, recent developments in the market space could support XRP's rebound potential. For instance, the altcoin is set to gain institutional adoption in the Asian market. As U.Today reported, HashKey Capital has launched a tracker fund for XRP tokens on the continent.
Gamza KhanzadaevXRP is the first altcoin after Ethereum that HashKey Capital is launching such products for, in addition to Bitcoin. The choice of XRP is based on its utility for cross-border payments, which has proven more efficient than traditional payment systems.
Meanwhile, as the U.S. market awaits regulatory approval on exchange-traded fund applications, Nate Geraci, president of ETF Store, believes approval is a matter of time. Geraci says there is no reason for the Securities and Exchange Commission to deny approval.
Vladislav Sopov
Dan Burgin