XRP Blast Past $0.61 Amid Bullish Golden Cross, with Analyst Eyeing 10x to 650x Gains
Over the past 24 hours, Ripple’s XRP has experienced an 8% surge, reaching a price of $0.61 as per CoinGecko’s data. This surge coincides with the appearance of a technical pattern known as a “Golden Cross,” where the 50-day moving average has crossed above the 200-day moving average, signalling a strong bullish trend.
Golden Cross Bullish Trend
The absence of regulatory intervention from the US Securities and Exchange Commission (SEC) has also contributed to XRP’s price increase. Following Judge Torres’s ruling, which required Ripple to pay a considerably lower fine than initially demanded by the SEC, the anticipation of an appeal has been relatively low, instilling confidence in the market.
XRP’s price rally is part of a wider positive movement in the cryptocurrency market. The global market capitalization of cryptocurrencies has exceeded $2.2 trillion, with Bitcoin approaching $61,000 and Ethereum trading above $2,650. This has created a favorable environment for altcoins such as XRP to thrive.
The recent surge in price has generated optimism within the XRP community. Analysts like CRYPTOWZRD have emphasized the bullish closure of XRP/BTC trading pairs, forecasting heightened volatility and further upward momentum. Another user, JACKIE, has highlighted XRP’s history of leading previous market rallies, advocating for its potential for substantial gains in the future.
As the rising continues, supported by technical indicators and a favourable regulatory landscape, it signals the potential for sustained growth within the cryptocurrency sector. Investors and market participants are optimistic about its future and are closely monitoring broader trends that could impact its trajectory.
Read Also: Cardano’s Price Set to Surge by 25% As Binance Pay Now Supports ADA
Follow us on Twitter, Facebook, Telegram, and Google News
Michael Onche: Crypto aficionado and seasoned analyst. With a keen eye for market trends and a passion for blockchain technology, he deciphers the intricacies of cryptocurrency with precision. Michael’s expertise and insightful content make him a trusted guide for navigating the dynamic world of digital assets.
