Is XRP Ready to Rise with the Golden Cross?

Ripple Labs’ altcoin XRP, achieved the Golden Cross formation, signaling a rise. This formation is determined by the short-term moving average rising above the long-term moving average and is generally seen as a precursor to price increases. However, analysts warn that the Golden Cross does not guarantee a definite growth and caution against overly optimistic expectations. XRP’s Resistance Struggle Although a positive technical signal, the impact of XRP’s price remains uncertain. Despite finding support at $0.58, it needs to surpass the $0.65 resistance to confirm the rise. Breaking this resistance level currently seems unlikely. While the Golden Cross suggests the end of the bearish trend, the possibility of a decline in the rise trend due to the lack of sustaining factors for XRP remains. If the resistance level is breached, a price increase for XRP may occur. Market’s Determinating Role Despite the formation of the Golden Cross, its immediate impact […]

Is XRP Ready to Rise with the Golden Cross?

Ripple Labs’ altcoin XRP, achieved the Golden Cross formation, signaling a rise. This formation is determined by the short-term moving average rising above the long-term moving average and is generally seen as a precursor to price increases. However, analysts warn that the Golden Cross does not guarantee a definite growth and caution against overly optimistic expectations.

XRP’s Resistance Struggle

Although a positive technical signal, the impact of XRP’s price remains uncertain. Despite finding support at $0.58, it needs to surpass the $0.65 resistance to confirm the rise. Breaking this resistance level currently seems unlikely.

While the Golden Cross suggests the end of the bearish trend, the possibility of a decline in the rise trend due to the lack of sustaining factors for XRP remains. If the resistance level is breached, a price increase for XRP may occur.

Market’s Determinating Role

Despite the formation of the Golden Cross, its immediate impact on XRP’s price may not be seen, and may take several weeks to fully materialize. Additionally, considering recent corrections in the crypto market, XRP and other altcoins have not yet fully recovered.

Despite technical signals, market participants should remain cautious and carefully monitor price movements for XRP’s upward trend. According to the latest data, XRP is trading at $0.6173, up 3.19% in the last 24 hours.

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