XRP prices are still underperforming the general cryptocurrency market, raising concerns among holders. However, for a cryptocurrency that boasts one of the strongest communities in the sector, this is not all bad. As for prices, optimism about a recovery remains high, as cryptocurrency analyst JD has made a rather optimistic forecast for altcoin prices.
XRP Price Confirms Golden Cross Fo 1000% Rally
In a recent analysis of the XRP price, cryptocurrency analyst JD pointed out a bullish formation that could spell very good news for the altcoin. According to him, the cryptocurrency has confirmed a rare golden cross on the 4-day chart, which is expected to increase its historical performance by at least 700%.
JD’s chart shows the last two events in which the XRP price confirmed such golden crosses. The first was in 2017, when asset prices completed a golden cross after four years of trendline breakouts. As a result, the price of XRP will rise by 700% in a short period of time.
Source: X
The next time the golden cross appeared on the charts was in 2020, when the bull market had just begun. This time, after this pattern was confirmed, the price of
If the XRP price maintains this historical performance, the coin’s price could rise by an average of 800%. However, if the most recent surge follows a trend higher than previous surges, the token could rise by over 1000%, which could push the price above $6.
XRP locks above $0.64 | Source: XRPUSD on Tradingview.com
Beware of retreat before rally
While JD’s analysis paints an incredibly optimistic picture for the XRP price, the analyst also warned that the price would likely fall before the rally. Both times Golden Cross appeared, the token price fell before confirming a breakout.
In 2017, there was a 64% price correction before a 700% surge. Then, when the Golden Cross appeared again in 2020, there was a 40% price correction before a 1000% increase in price. So, this time we expect a downtrend before the rally begins.
Currently, XRP bulls seem to be reawakening after a brief period of consolidation. The price topped $0.64 on Thursday, and the bullish trend is expected to continue as Bitcoin and cryptocurrency markets recover.
Featured image by Watcher Guru, Tradingview.com chart