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XRP’s price skyrocketed over 80% this week, reaching $1.265, its highest in three years. A rare golden cross pattern on the weekly chart hints at what could be a historic price rally for the cryptocurrency.
XRP Rockets to Three-Year High Amid 80% Price Surge
The popular cryptocurrency XRP has been in the spotlight all week due to its 80% price increase. XRP, a crypto market veteran that most people had written off except for the most ardent believers, had a monster price action, rising to a three-year high of $1.265 per coin.
According to U.Today, the token is seeing unprecedented growth and visibility, driven in part by the passionate reaction to XRP and in part by regulatory shifts in the political climate of the United States.
This has caused its price to emerge from the triangle accumulation that has persisted since 2018, and the prospect of the largest XRP price breakout ever is approaching. The token's recent surge may be only the beginning, though.
Triangle Accumulation Ends After Five Years
Not only has a healthy 20% correction to $1 confirmed the current rise's authenticity, but a buyer has again signaled interest. On XRP's weekly price chart, a golden cross is beginning to develop.
The essential feature of this pattern is the bottom-to-top crossing of the two moving averages, the 200-day and the 50-day.
Tokens are believed to be in for an impending rise when the short-term curve surpasses the long-term one. Due to XRP's asset status and its more than a decade-long trading history, the formation of the cross on a weekly chart makes it exceptionally unique.
Historical Trends Indicate Potential for Further Gains
On the other hand, XRP's advance could come to an end, like it did in April 2021, when the weekly price chart showed a golden cross.
Nevertheless, XRP's price still managed to surge 350%, reaching a high of $1.97, even as the golden cross was taking shape.
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