XRP Price Has Flashed a Powerful Bullish Signal After 200 Days

The XRP price has flashed a powerful bullish signal after 200 days, and this could be the start of the much-awaited bullish rally.

In a statement that has implications for the cryptocurrency markets, analyst Dark Defender has spotted a rare technical indicator signal that could launch XRP toward $3.33 soon.

As Investor Paul Barron observes, Bitcoin continues to make new all-time highs, and the rising wave could lift XRP as well, which could target $4 next.

Analyst Targets $3.33 Short Term

Analyst Dark Defender, in his latest analysis, has observed that XRP has flashed a rare Golden Cross signal on the weekly RSI. This variant of the Golden Cross occurs when the 50-period moving average crosses above the 200-period moving average. In the case of XRP, the former has crossed above the latter, which could launch XRP toward $3.33 soon.

A higher target is set at $2.95, which is the 1.272 extension from the recent low to high. Afterward, it could continue surging to $5.85, which is the 1.618 extension. These targets are part of a bigger bullish trend that is expected to unfold soon.

Analyst Holds High Hopes For XRP As Technical Indicator Flashes Rare Golden Cross, Setting $3.33 Target From 200-Day Support

Analyst Dark Defender observed that XRP has flashed a rare Golden Cross signal on the weekly RSI.

This variant of the Golden Cross occurs when the 50-period moving average crosses above the 200-period moving average. In the case of XRP, the former has crossed above the latter, which could launch XRP toward $3.33 soon. A higher target is set at $2.95, which is the 1.272 extension from the recent low to high. Afterward, it could continue surging to $5.85, which is the 1.618 extension. These targets are part of a bigger bullish trend that is expected to unfold soon.

As Bitcoin continues to make new all-time highs, Investor Paul Barron believes that the rising wave could lift XRP as well, which could target $4 next.

XRP is forming the first golden cross against Bitcoin on the weekly chart in four years. This happens when the 50-week moving average crosses above the 200-week moving average. It is noteworthy that XRP has stayed flat against Bitcoin for four years. After a long period of consolidation, the cryptocurrency is finally breaking out.

This coincides with a breakout from a long-term descending channel, and it could continue rising against Bitcoin.

In the short term, XRP is building pressure for a big move, followed by a sharp breakout in either direction. With RSI now close to 60, it has plenty of room for upside movements.

On the upside, its targets include $2.68, $2.95, and $3.39, with $3.87 being a strong resistance level. But if it loses support at $2.30, then it could slide back to $2.26 or $2.10, losing its long-term support zone.

Its technical indicators show mixed signals but are mostly positive. MACD shows some selling pressure while the RSI is neutral at 58. Major moving averages from 10-200 periods show strong buy momentum and an overall bullish trend.

It is currently trading at $2.47, up over 2% in the past day.

Crypto Asset Management Firm Announces New Investment Product Focused On Metaverse Tokens

Recent reports from Messari point that XRP is showing strong growth, with its market cap up 2% this quarter, while BTC, ETH, and SOL dropped 22%. Year-over-year, XRP’s market cap climbed by 252%. Network activity is booming too, as daily active addresses jumped 142% and new addresses rose 210% compared to last year.