XRP Shows Massive Bullish Signal: Details

08/18/2024 17:57
XRP Shows Massive Bullish Signal: Details

XRP might see substantial surge in foreseeable future, but only if this pattern plays out as expected

XRP might see substantial surge in foreseeable future, but only if this pattern plays out as expected

XRP Shows Massive Bullish Signal: Details

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The formation of a golden cross is about to occur for XRP. When a longer-term moving average like the 200-day EMA crosses above a shorter-term moving average like the 50-day EMA, this pattern is formed. A significant price move for XRP may be imminent, according to traders and investors who frequently see this as a strong bullish signal.

One scenario is a bullish continuation. The next important level to keep an eye on would be around $0.60 if the golden cross occurs and XRP gains bullish momentum. If this level is broken above, XRP may be able to make a run toward $0.65, a significant resistance that has proven difficult in the past.

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XRP/USDT Chart by TradingView

XRP may aim for even higher targets, possibly reaching $0.70 or $0.75 if the mood of the market as a whole improves, especially with positive flows into ETH and BTC ETFs. Strong market-wide gains and greater interest in altcoins would be necessary for this scenario to materialize.

The second scenario is a bearish rejection. If the golden cross does not spark a bullish breakout, XRP may find it difficult to hold its current levels.

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Approximately $0.55 would be the first support to keep an eye on. If XRP drops below this barrier, it might lead to additional losses and possibly to a test of $0.50. If the overall market stays in its current neutral state or moves negative, a decline below $0.50 would suggest a longer-term bearish trend.

In this case, it is possible that XRP gets trapped in a range, unable to break out and vulnerable to downside pressure. The general state of the market is a little uneven. With positive flows seen in ETH and BTC ETFs, Bitcoin is currently trading at around $60,000. Though neither heavy buying or selling pressure is predominating, the market is still in a neutral state. Due to the wait-and-see attitude of altcoins, the outcome of the golden cross is extremely important.

About the author

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Arman Shirinyan

Arman Shirinyan is a trader, crypto enthusiast and SMM expert with more than four years of experience.

Arman strongly believes that cryptocurrencies and the blockchain will be of constant use in the future. Currently, he focuses on news, articles with deep analysis of crypto projects and technical analysis of cryptocurrency trading pairs.

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