XRP News Today: XRP Surges 15% as Golden Cross Signals 600% Rally

XRP, the cryptocurrency, recently experienced a significant surge, reaching an intraday high of $2.47 before retracing to a lower daily close. Despite this fluctuation, the overall outlook for XRP remains bullish, as it tends to move in tandem with Bitcoin and the broader crypto market. According to recent analysis, a key technical signal has emerged, which previously preceded a massive 600% rally in November 2024.

Crypto analyst Dark Defender noted that XRP has produced a rare Golden Cross on its weekly RSI indicator, an event that last occurred on November 4, 2024. This signal directly preceded XRP’s explosive 600% rally, suggesting the potential for a similar trajectory in the near future. The appearance of the new RSI cross coincides with the elimination of a long-standing weekly resistance trendline after XRP broke to $2.59 on May 14. The analyst’s chart highlights this breakout, with a bright green trendline now breached and a bullish pin bar candlestick forming just above it, adding strength to the bullish case.

The RSI’s behavior in the 1W candlestick timeframe chart is particularly telling. The purple RSI line has crossed above the yellow moving average once again, exactly as it did in early November 2024. Back then, XRP flashed the cross when its price was trading around $0.5. However, the ensuing price action saw it explode by over 600% to peak at a multi-year high around $3.31 on January 12, 2025.

Considering the previous price action after the weekly RSI cross in late 2024, crypto analyst Dark Defender’s outlook is based on repeating the same 600% rally or close in the coming weeks. Following this development, Dark Defender has outlined two key price targets. The first is $3.33, close to the multi-year peak in January 2025. Should XRP break past that level, the next major target lies around $5.85, corresponding to the 261.8% Fibonacci level. The analyst refers to this upper range as the parapet, meaning that this level could be the next all-time high peak after the price rally.

The Elliott Wave structure plotted on the chart outlines a five-wave impulsive move, and XRP is now about to enter wave III, the longest and most powerful wave in a bullish cycle. If this structure plays out as expected, XRP could rapidly push through $2.59, hold above $3.33, and rally toward the upper boundary of the projection range. Interestingly, none of these price targets uses a repeat of the full 600% rally. The $3.33 target is 43% away from the current price level, while $5.85 represents a 150% gain from the current price. At the time of writing, XRP is trading at $2.34.