Ripple (XRP) Price Moving Towards Confirmed Trend Reversal with Golden Cross Event
After our article last weekend regarding developments in the Ripple community, XRP has continued to climb even further, hitting a high of $0.434 earlier today. The growth was spurred on by a sudden increase in cryptocurrency trading volume that helped push the overall crypto market value to over $267 billion. Both Bitcoin (BTC) and Ethereum (ETH) also enjoyed considerable gains in the surge, gaining 10 percent and 7.2 percent respectively.
XRP’s ‘Golden Cross’ event
XRP is now up by over 40 percent in the past 30 days and has achieved its own ‘golden cross’ moment, an event often associated with a bullish trend reversal. The ‘golden cross’, an event which recently helped drive up the price of Bitcoin (BTC), occurs when an asset’s short-term moving average crosses above one of its longer-term moving averages. Usually, when assets begin to make higher gains on a weekly basis following a bear market and long period of consolidation, a ‘golden cross’ event will occur and confirm a trend reversal.
XRP’s 50-day moving average recently crossed over its 200-day moving average, confirming its golden cross event in a move that has already begun to send ripple’s throughout the XRP community. Popular swing-trader and Crypto Twitter celeb Eric Choe (@CryptoChoe) noted his enthusiasm yesterday for XRP in a Twitter post stating:
This is not trading, just investment purposes. If alt coins have reached its bottom, I want 2017 to occur again.
— Eric Choe [Mr. Swing Trade] (@CryptoChoe) May 27, 2019
Fellow Twitter trader @XRPcryptowolf noted yesterday that a golden cross moment is imminent, suggesting a break above previous highs of $0.478 will likely follow.
What are analysts saying?
FXStreet analyst Rajarshi Mitra sees technicals coming together to help drive XRP above $0.45, possibly as soon as today, with the only real resistance at $0.442. However, since the analysis, Ripple’s has faced a mild downturn after touching $0.434, meaning it will now need to find support at $0.424 if it hopes to regain the upward trend.
XRP’s relative strength index (RSI) remains in neutral territory, suggesting it is not yet overbought and could certainly see further gains. It’s MACD at 0.0237 also puts the asset in a strong buying position, adding to momentum driven by the golden cross moment.
XRP is currently trading at $0.424, up 5.94 percent today.