Golden crossover patterns on the XRP price chart (its 5-day timeframe) usually lead to massive gains.
The price of Ripple-XRP rose by 5% in the last 24 hours to reach $ 0.6109 as the overall crypto market rose by 2.5%, so the price of the altcoin is up by 6% in a week and 20% in two weeks, making it one of the best performers during this period. The currency has also recorded a 15% increase this year, and analysts point to the formation of a golden crossover pattern on a 5-day price chart that promises more future gains, and XRP has stood at a price below its actual value for a long time, and could end this year strongly given also the increased likelihood of a rate cut in September September.
Golden Cross on the XRP Price Chart: Analysts Expect a 10-650-fold Price Rise
Analyst JD noted in a post on X (formerly Twitter) that the price of XRP rose by 900%-64,900% each time the Golden Cross pattern formed on a 5-day price chart, and these gains can be achieved within 70-280 days after the pattern formalizes, and we cannot know the time required to end the next XRP bullish wave.
The JD expressed great optimism for XRP and advised in its chart to “take profits carefully when several indicators intervene in the overbought zone.” Technical indicators cannot be fully relied upon, but several fundamental factors point to stable growth for XRP in the current period, the first of which is Ripple’s settlement with the Securities and Exchange Commission (SEC) a few weeks ago, in which the company paid a fine of $125 million, which is well below the commission’s demands of $2 billion.
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In doing so, Ripple can continue to expand as it has announced new partnerships since the completion of the settlement, and is likely to hold more of them, which will enhance the use of the XRP registry and thus XRP itself, and improved market and macroeconomic conditions will push the coin higher. On the other hand, the Fed is likely to cut interest rates next month, and this may be repeated before the end of the year. Thus, the price of XRP could reach $1 by the end of 2024 before the following year begins its path towards its historically high of $3.40.
Looking at the chart within a one-hour time frame, the currency could experience a small setback tomorrow before resuming growth, the RSI (purple) has just started falling from 70 suggesting a short-term price decline, while the 30-day moving average (orange) is much higher than its 200-day counterpart (blue) and should fall soon; the XRP looks good overall and the next setbacks are likely to be mere
