XRP Builds Momentum to Break Golden Cross; Could $0.64 Be Next?

The native token of the Ripple blockchain, XRP, may be drawing near an event from a technical perspective that is likely to send its price to $0.64: the golden cross. This occurs when the 50-day moving average rises above the 200-day moving average, indicating a change in the trend from bearish to bullish. This could mean the close of its very long-standing bearish cycle and the opening of a new phase: bullish. The move to $0.64, however, won’t be easy; there are technical and fundamental hurdles that XRP’s price action needs to overcome for the setup to play out.

XRP’s Potential Golden Cross: A Bullish Signal or False Hope?

High expectations rest on a golden cross by XRP. According to the latest data from TradingView, the 50-day moving average now stands a hair below the 200-day moving average. Assuming the crossing actually happens, this could prove to be such a very robust signal that would finally tell traders and investors, “Alright, it is time for XRP to take off bullish.”

Historically, golden cross is followed by substantial price gains, and, should XRP indeed form one, the crypto could surge to the north of $0.60 within a week. According to market analysts, a golden cross formed for XRP will have the crypto token continuing to display further positive price performance, testing the $0.6434 resistance that was last seen on the 7th of August.

Assuming that the native token could finally break past the $0.60 resistance, one should feel confident in setting a target at $0.64. In contrast, if XRP falters and falls back below the $0.54 level, then it can be assured that the market will see a retracement toward the psychological support level at $0.50, spelling out again that the bearish forces are still in control despite this promising technical setup.

Ripple’s Native Token, XRP – Current Market Dynamics

Advertisement Banner

As at this moment, Ripple’s native token XRP  has moved to $0.5782, a very small increase from yesterday’s price of 0.83%. This slight upswing comes amid the continuous cementing of XRP’s place as one of the greatest in the cryptocurrency market. Its market capitalization, having over 56 billion tokens in circulation, has risen to as high as $32 billion, maintaining its current status as the seventh-largest cryptocurrency by market capitalization.

Probably the most impressive part of XRP’s recent performance is the surge in trading volume. This key indicator surged by 92.90% over the last 24 hours to $1.12 billion. Such an influx in activities positions itself before the possible golden cross, expecting that such an event would cause heavy price movement.

1.73% of the global market has lost its value in the last 24 hours, including the two significant assets, Bitcoin and Ethereum. As can be expected from this decline, changes in these assets have also been affected accordingly; Bitcoin lost 2.59% to $58,582, while Ethereum decreased by 3.23 percent to trade at $2,586. 

Conclusion: What’s Next for XRP and Its Native Token?

As the native token for Ripple, it doesn’t get much more precarious than a close and sparkling golden cross. Provided that it can go through the cross, XRP might just be rocketed to new highs of takedowns past the $0.60 resistance level, targeting $0.64. However, the path forward is full of challenges, with XRP needing to reclaim very significant resistance if it hopes to do this.

Not everything is cast in stone in the world of cryptocurrency. Things do move in cycles here; with that kind of volatility, nothing ever is. However, with the upcoming golden cross, XRP is providing hope for those who have been waiting for a bullish reversal. Finally, will the native token XRP rid itself of the shackles of a bearish trend and start another upward rise? Time alone will tell, but right now, all eyes are pointed toward XRP as it inches closer to this critical point. Learn more about the price movements of XRP from TheBITJournal.