XRP Mini-Golden Cross Almost In: Will It Help Price?
Emily HarrisXRP's price performance might explode sooner than anticipated thanks to strong cross on market[...]
XRP Approaches Crucial Technical Milestone as Mini-Golden Cross Looms
On its daily chart, XRP is inching closer to a pivotal technical point as the highly anticipated mini-golden cross formation develops. The cryptocurrency is currently trading around $2.29, just above key moving averages such as the 100 EMA and 50 EMA. The impending crossover of these two moving averages often signifies a classic signal that typically provides the market with new bullish momentum.
After weeks of consolidation, the price action of XRP indicates that it is forming a tightening triangle pattern. In recent sessions, the asset has maintained a relatively narrow range between $2.25 and $2.40, and the decreased volume suggests that volatility is building towards a potential breakout. The anticipated mini-golden cross could be the catalyst that XRP bulls have been eagerly awaiting.
A larger trend reversal is often preceded by a mini-golden cross, where the 50 EMA crosses above the 100 EMA. In this case, if market sentiment shifts in the near future, XRP may break out of its current range and reach $2.60 or even $2.80. However, it's important to note that there are also potential headwinds to consider.
In the $2.40-$2.50 range, XRP has frequently encountered overhead resistance. If the asset is unable to break above this range, the price action may remain trapped within its current triangle. The current RSI hovers just above 50, indicating a lack of significant momentum, but this could quickly change if the golden cross appears and attracts traders seeking breakout opportunities.
A strong support level is provided by the 200 EMA, which is still well below the current price levels. The promising technical configuration of the mini-golden cross on XRP's chart might bring in a fresh round of volatility and potentially spark a longer-lasting rally. The upward move that many have been anticipating in XRP could finally materialize if buyers intervene and push the price above the $2.40-$2.50 resistance zone.
