XRP News Today: XRP Shows Bullish Signal After 200 Days With 5.63% Drawdown

XRP, the cryptocurrency associated with Ripple, has recently exhibited a bullish signal after a period of 200 days. This signal, known as a Golden Cross, was observed on the weekly Relative Strength Index (RSI) by analyst Dark Defender. The Golden Cross is a technical analysis indicator that occurs when a short-term moving average crosses above a long-term moving average, suggesting a potential upward trend in the asset's price.

The immediate price target for XRP, according to the analyst, is $3.33. This level is significant as it would help the cryptocurrency clear its 90-day drawdown of 5.63%. The drawdown refers to the peak-to-trough decline in the value of an investment before a new peak is attained. Clearing this drawdown would indicate a recovery and potential for further price appreciation.

The bullish signal comes at a time when the cryptocurrency market is experiencing various movements and shifts. While other cryptocurrencies and financial instruments may be seeing different trends, the focus on XRP's technical indicators provides a specific lens through which to view its potential price action.

The significance of the Golden Cross signal lies in its historical correlation with price increases. When this pattern emerges, it often indicates that the asset is transitioning from a bearish to a bullish phase. For XRP, this could mean that after a prolonged period of sideways or downward movement, the cryptocurrency is poised for an upward trajectory.

XRP recently formed a golden cross against Bitcoin on the weekly chart for the first time in four years. This happens when the 50-week moving average crosses above the 200-week moving average, which hints at a possible bull run against XRP after staying flat for four years.

XRP is building pressure for a big move, followed by a sharp breakout in either direction. With RSI near 60, it has plenty of room for upside movements. On the upside, its targets include $2.68, $2.95, and $3.39, with $3.87. But if it loses support at $2.30, then it could slide back to $2.26 or $2.10, losing its long-term support zone.

XRP’s technical indicators show mixed signals but are mostly positive. MACD shows some selling pressure while the RSI is neutral at 58. Major moving averages from 10-200 periods show strong buy momentum and an overall bullish trend. It is currently trading at $2.47, up over 2% in the past day.

Recent reports point that XRP is showing strong growth, with its market cap up 2% this quarter, while other major cryptocurrencies dropped. Year-over-year, XRP’s market cap climbed by 252%. Network activity is booming too, as daily active addresses jumped 142% and new addresses rose 210% compared to last year.

As Bitcoin continues to make new all-time highs, Investor Paul Barron believes that the rising wave could lift XRP as well, which could target $4 next.

In summary, XRP's recent Golden Cross signal on the weekly RSI suggests a bullish outlook for the cryptocurrency. With a price target of $3.33, the asset has the potential to clear its 90-day drawdown and enter a phase of price appreciation. This development is significant for investors and traders who are closely monitoring the cryptocurrency market for opportunities.