By
Chimamanda U. Martha
April 26th, 2024
XRP has shown little or no action of late but its luck may just be about to change, according to popular crypto analyst JD.
XRP has shown little or no action of late but its luck may just be about to change, according to popular crypto analyst JD. JD’s submission is based on a historical pattern of movement called the “golden cross”. And XRP may have just formed one on the 4-day timeframe.
In an explanation via a recent X post, the analyst explained that a golden cross is formed when an asset’s shorter moving average (MA) crosses above the longer moving average. This movement, according to JD, usually precedes a price breakout of great proportions.
To drive home his point, JD posted a 4-day XRP chart showing the price movements of XRP over the years. Interestingly, data from the chart show XRP conforming to the breakout pattern every time its shorter moving average (MA) crosses above the longer moving average.
XRP’s Previous Crossovers Hint at What to Expect Now
According to the price history of XRP, the golden cross has only happened twice before now. The first happened in November 2017, which brought about an over 700% immediate rise in the asset’s value. In late 2020, XRP also witnessed another golden cross moment that led to almost a 1000% rally by April 2021.
Just as was the case in 2017, JD’s chart reveals that XRP has been trading below a multi-year downward trendline. The downtrend has remained since January 2018. So, going by the cross pattern, it might be safe to say that the latest cross suggests that another parabolic XRP price surge is imminent.
Meanwhile, it should be noted that JD’s forecast did not exactly place a specific price target that XRP will hit. However, the charts suggest a price rally that could go even beyond the $14 mark.
As of publication, XRP was seen trading at $0.6487, per CoinMarketCap data. So, if it ended up hitting the $14 mark from the current levels, the asset would have rallied over 2000%.