XRP has surprised many by rising more than 85% since the start of 2023, easily outpacing Bitcoin’s gains. And according to some cryptocurrency analysts, the party may have just begun. We predict that the approaching “golden cross” chart pattern could propel XRP into parabolic growth territory.
key point
- Analysts are predicting a potential “golden cross” chart pattern for XRP, which could indicate a bullish trend and parabolic price rise.
- Short-term forecasts suggest that XRP could rise to $0.88 by New Year’s Eve.
- Positive overall cryptocurrency market conditions support potential XRP growth, with assets such as BTC and ETH hitting yearly highs.
- On-chain indicators such as high daily XRP trading volume and increasing number of XRP wallets also indicate the potential for profits.
- One whale recently dumped more than 42 million XRP, sparking speculation that it could potentially fall to $0.60.
Analyst JD watches for an upcoming golden cross for the Ripple-generated asset, which forms when the short-term moving average crosses the long-term trendline. Golden crosses, historically a strong bullish signal, have driven older cryptocurrencies such as Bitcoin up massively. Based on this, JD set an ambitious target of $24 for XRP by the end of 2024.
#XRP Ignore crazy news/mysteries/transactions and pay attention to the charts! TA calls BOTTOM and TOP too!
There are still Golden Crosses left! Even with a nice retracement, a parabolic move is imminent! Earn calculated profits!
Please retweet/like for updates!… pic.twitter.com/i5EpsaSx1w
—JD ??????? (@jaydee_757) December 15, 2023
More conservative estimates still project significant short-term gains. Analyst Dark Defender expects XRP to reach $0.88 by New Year’s Eve this year, with a decisive breakout expected within two weeks.
So when can we pop the champagne? Short-term forecasts have been notoriously fickle in the cryptocurrency market, but the overall tea leaves appear to be positive for XRP. Both Bitcoin and Ethereum hit 2023 highs this week as investor appetite for cryptocurrency risk increased again. And on-chain signals indicate bullishness for XRP, with over 1 million transactions being executed daily on the network amid a growing wallet holder base.
But some activities temper unbridled enthusiasm. Whale watchers raised eyebrows after anonymous wallets poured more than 42 million XRP into the exchange, moving nearly $27 million. This has sparked speculation about a future correction, as whales often help drive market changes.
However, for now, XRP appears to be maintaining its 2023 growth trajectory. Consolidating above the important support level at $0.58, the price chart forms a bullish triangle pattern, usually resolving to the upside in a continuation move. Cryptocurrency technologists and fundamentals-focused speculators alike will be watching closely to see if $0.58 holds, with a decisive move expected in the coming weeks.
A mix of charts, on-chain trends and market psychology appears to favor XRP to exceed the triangle target of $0.75. Nonetheless, cryptocurrencies rarely follow a script. That means holders need to be prepared for everything from moonshots to wipeouts.