The general uptrend in the cryptocurrency market has continued and Bitcoin is nearing the $9,000 price mark. Other cryptocurrencies have followed suit, leaving significant marks along the way.
As the trend keeps moving, analysts are studying the chart patterns and price behaviour in order to understand, and predict what will happen next in the cryptocurrency market. Ripple (XRP) has shown a significant sign that the current uptrend may just be in the beginning stages.
By entering the “Golden Cross”, there is every likelihood that XRP is about to embark on a massive surge in price any moment from now.
The “Golden Cross” is a term used to describe the scenario when the 50-day moving average (MA) overtakes the 200-day moving average (MA). This pattern indicates that the current average price of the cryptocurrency is higher than its historical price.
A Golden Cross, in general, is seen as strong indicators ahead of an extended run. The Golden Cross for Bitcoin occurred on the 23rd of April when the price was at $5,500. A few weeks later, Bitcoin surpassed $8,800 with much upward momentum still in reserve.
For XRP, the opposite of the “Golden Cross”, the “Death Cross” happened before the crypto winter which saw the cryptocurrency shed over 70% of it value in the process. Therefore, by indicating a reversal this time to the upside, analysts see this as an opportunity for traders and investors in the third largest cryptocurrency.
Already, most cryptos are in the green, tailing the actions of Bitcoin. Hence, while this indicator represents an upside pressure for XRP, it goes on to support the overall current sentiment of the cryptocurrency market in general.
It is looking all clear for the cryptocurrency market as the bulls are in firm control at the moment. Major resistance and psychological levels have been overcome with ease, and developments are suggesting even more movement northwards.
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