XRP has recorded a new golden cross formation on the hourly chart as the broader altcoin market saw a shift in sentiment. This golden cross formation comes as the price of XRP flipped positive, further solidifying its push to achieve a new monthly high.
XRP records golden cross, Is $2 next?
In market formations, a golden cross is usually formed when a short-term Moving Average (M.A) crosses above a longer-term average. In XRP’s case, the 9-day M.A has now flipped the 21-day MA on the hourly chart.
XRP Price Chart | Source: TradingView/CoinMarketCapWhen this chart is expanded to the daily chart, the crossover has not yet been confirmed, a crucial setup to validate the current uptrend. Thus far this year, the best price level XRP has recorded is $2.40 in early January.
Since dropping from this point, the $2 mark has formed a very strong resistance for the asset amid tariff and Middle East tensions. With the current shift in market dynamics, expectations are growing that the coin might have created new market bottom conditions in preparation for a breakout.
As of writing time, the XRP price was changing hands for $1.386, up 1.9% in the past 24 hours. This short-term rebound is complemented by 2.59% growth over the past seven days.
Can crypto market rebound be trusted?
With validations from top market analysts regarding XRP ETF resilience, the question remains whether the perceived rally can be sustained.
The broader crypto market is pushing to break free from its multiweek capitulation. Since the improvement in the Fear & Greed Index has redeemed from extreme fear, capital has been flowing into select altcoins.
Most of these altcoins are relying on a Bitcoin price breakout. However, XRP has a unique value proposition within the Ripple ecosystem that has made it attractive to both retail and institutional investors.
Should conditions prove right, XRP is likely to retest the $2 mark again in the next few weeks.
Source: https://u.today/xrp-records-golden-cross-is-2-next
