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Home»EXCHANGE NEWS»A renowned analyst predicts that the XRP price will rebound by over 2000% based on the golden cross pattern.
EXCHANGE NEWS

A renowned analyst predicts that the XRP price will rebound by over 2000% based on the golden cross pattern.

By Crypto FlexsDecember 10, 20232 Mins Read
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A renowned analyst predicts that the XRP price will rebound by over 2000% based on the golden cross pattern.
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XRP has seen little or no action recently, but its fortunes may soon change, according to renowned cryptocurrency analyst JD.

XRP has seen little or no action recently, but its fortunes may soon change, according to renowned cryptocurrency analyst JD. JD’s submission is based on a historical movement pattern called the “Golden Cross”. And XRP may have formed on a 4-day basis.

In a recent explanation via post, the analyst explained that a golden cross is formed when an asset’s short moving average (MA) crosses its long moving average. According to JD, these movements typically occur before major price spikes.

To drive home his point, JD posted a 4-day XRP chart showing the price movement of XRP over the years. Interestingly, the data on the chart shows XRP following a breakout pattern whenever the short moving average (MA) crosses the long moving average.

XRP’s Previous Crossover Is a Hint at What to Expect Now

According to XRP’s price history, golden crosses have only occurred twice so far. The first occurred in November 2017, which immediately caused the property’s value to rise by more than 700%. At the end of 2020, XRP witnessed another golden cross moment, rising almost 1000% by April 2021.

As was the case in 2017, JD’s chart shows XRP trading below a multi-year downtrend line. The downward trend has been maintained since January 2018. So, based on the crossover pattern, it may be safe to say that the latest crossover suggests that another parabolic XRP price surge is imminent.

Meanwhile, it is important to note that JD’s forecast did not accurately lay out a specific price target for XRP to achieve. However, the chart suggests a price rise that could push the $14 mark.

At the time of publication, XRP was seen trading at $0.6487, according to CoinMarketCap data. So, if $14 had been reached from current levels, the asset would have bounced back by over 2000%.

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