Golden Cross Appears On XRP Price Chart, Factors That Could Drive A Fresh Rally
July 24 2024 - 5:00PM
NEWSBTC
The XRP price has struggled despite scoring multiple partial
victories against the United States Securities and Exchange
Commission (SEC) over the last year. The initial surge was not
enough to push it into the coveted $1 level. However, this has not
deterred bulls, especially with bullish formations on the chart and
multiple predictions that the XRP price is set to hit a new
all-time high. XRP Price Flashes Golden Cross A pseudonymous crypto
analyst who goes by @Nico369K on the X (formerly Twitter) platform
has pointed out an interesting formation on the XRP price chart.
This formation is known as a “Golden Cross” and is an exceptionally
bullish formation on the chart of any digital asset. Related
Reading: Crypto Analyst Says XRP Is Still On Course To Rise To $150
Golden crosses usually emerged when the short-term moving average
of an asset crosses over a major long-term moving average of that
asset. The moving average could be from any timeframe, ranging from
daily to weekly, and according to the crypto analyst, the Golden
Cross has appeared on the weekly chart. The Golden Cross, on its
own, signifies long-term bullish momentum for an asset, suggesting
that the XRP price could be moving toward a rally. However, it is
not the only bullish thing that has appeared on the chart as the
Relative Strength Index (RSI) is also bullish. According to the
crypto analyst, the RSI is currently sitting at around 44.31, which
is a significant drop over the last few months. The RSI signifies
if an asset is overbought or oversold, with higher values
indicating overbought territory, which is bearish, and lower values
indicating oversold territory, which is bullish. Usually, RSIs of
around 30 mark oversold territory, and the XRP price is still
higher than this level. However, the decline in the RSI suggests
that the altcoin’s price has already descended toward oversold
territory and a rally could erupt due to this. Other Factors That
Could Drive A Rally The Ripple Vs. SEC lawsuit has been the obvious
culprit when it comes to why the XRP price has failed to perform
like the rest of its peers over the last four years. The lawsuit,
which began in 2020, has raged on for almost four years now, and in
that time, the XRP price has fallen below $1 and stayed there.
Related Reading: Bitcoin Enters Final Wave 5 As World Events Signal
Massive Surge However, the lawsuit is expected to come to an end
this year after Judge Analisa Torres ruled that programmatic XRP
sales on secondary exchanges did not qualify as securities. As a
result, Ripple is now locked in settlement talks with the regulator
to determine a comfortable outcome for the parties involved. Ripple
CEO Brad Garlinghouse recently said he is confident that the case
will be over soon. Once the lawsuit is over, expectations are that
the XRP price will finally have the freedom to move. In this case,
the XRP price could surge past $1, with some analysts predicting
that the price could cross $10 by the time the rally is done.
Featured image created with Dall.E, chart from Tradingview.com
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