XRP Awaits a Golden Cross! Here's What to Expect From the World's Seventh Largest Crypto
- Linda HamiltonOriginal
- 2024-10-20 12:00:24293browse
XRP has been consolidating somewhat over the past week, with its price chart seeing minimal volatility lately. However, there are chances its market trend might change in the coming days.
XRP's market trend might change in the coming days. XRP awaits a golden cross! XRP, the world's seventh largest cryptocurrency at press time, only managed to move marginally in the last 24 hours. The altcoin was trading at $0.5474 on the charts. However, things can soon turn bullish for the crypto. This seemed to be the case as according to AMBCrypto's analysis, XRP appeared to be awaiting a golden crossover, as suggested by the MA cross technical indicator.
Whenever a golden cross occurs, it indicates a high probability of a price increase. In addition to the crossover, our analysis also identified an ascending triangle pattern on the token's daily chart. A breakout above the $0.55 resistance could kickstart a major bull rally.
Hence, it's crucial to examine XRP's on-chain data to assess the likelihood of a bullish breakout or golden cross.
Our analysis of Santiment's data revealed that XRP's weighted sentiment remained predominantly in the positive zone. This indicated that bullish sentiment towards the token was dominant in the market.
Other metrics also hinted at a price increase. For instance, the MVRV ratio improved considerably, suggesting that the average XRP holder stood to gain from a price uptick. XRP's network growth was also high, indicating the creation of more addresses to transfer the token. Moreover, XRP's exchange outflows increased, which could signal buying pressure and support a price increase on the charts.
Another optimistic signal emerged from Coinglass data, which showed a rise in the token's long/short ratio over the past few hours. This indicated a higher presence of long positions in the market compared to short positions, which is generally considered a bullish development.
A few other technical indicators on the price chart also hinted at a successful bullish breakout in the coming days. For instance, the MAC displayed a clear bullish advantage in the market. However, the bears might attempt to seize control as the token's Money Flow Index (MFI) registered a downtick.
Finally, our analysis of XRP's liquidation heatmap highlighted key resistance levels ahead in the event of a bullish breakout. If a breakout occurs, XRP will need to overcome resistance at $0.55, where liquidations will rise sharply. However, if the bears gain the upper hand, XRP could drop to $0.53 in the short term.
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