XRP News Today: XRP Price Surges 20% After Golden Cross Signal

XRP traders are closely monitoring the cryptocurrency's price chart, which has shown significant technical signals over the past five days. The 23-day moving average recently crossed above the 200-day average, causing the price to rise from $2.90 to over $3.50. This movement is known as a golden cross and is seen as a strong indicator of an uptrend. The 50-day average is also poised to cross the 200-day average, which could result in consecutive golden cross formations, further fueling bullish sentiment.

The first golden cross occurred on July 17th, triggering a price surge of over 20% within minutes. This technical signal is perceived as a classic indicator of an uptrend, and it was followed by increased trading volumes for five consecutive days. The price chart was dominated by green candlesticks, indicating strong buying pressure and a decrease in selling pressure.

Market participants are now focusing on the impending second golden cross signal, which involves the 50-day moving average crossing above the 200-day average. Such a consecutive cross sequence is rare but has historically preceded strong momentum in previous bullish cycles. The price range has been widening rather than narrowing, suggesting ample room for potential new rallies.

Technically, the price of XRP, which emerged from last month’s triangular formation, still holds a target of $4.20. During that period, XRP soared from $0.50 to $3.50, marking approximately a 700% increase in value. With only a 20% additional leap required to reach the target level, investors are closely monitoring the potential before profit-taking.

Market commentator DonAlt heightened expectations last week by suggesting $6.90 as a complete cycle peak. The absence of exhaustion indications in the current chart structure, rising volumes, and consecutive green candlesticks make upside attacks towards $4.20 and subsequently higher levels plausible. There are currently no significant indecisive signals observed among investors.

Analysts remind that surpassing $4.20 might not restrict the rise to a short-term leap. Similar structured breaks in previous cycles led to broader trend reversals. As the XRP market shows no signs of cooling down, the $6.90 scenario remains a discussion point.