In light of the recent price fluctuations in the cryptocurrency market, many altcoins have been hit hard. Also got the Ripple XRP.
We see that the third largest cryptocurrency, which was trading at multi-month highs, and just a few weeks ago, suddenly fell from the price of $ 0.34. Left to the very extremes of $ 0.264. Ripple XRP also loses a bit to Bitcoin, which lost less than 9% over the same period.
Ripple XRP gives a bullish signal
Today, it was first recorded that a 50-day moving average (highlighted in red) finally crossed the 200-day moving average (highlighted in green). So that means bulls prevail.
Who is not in the know, this technical formation is also known as the Golden Cross. It is traditionally considered extremely optimistic and can be considered for the Ripple XRP. Investopedia explains this phenomenon:
“Long-term indicators have the greatest weight. Therefore, the “golden cross” directly indicates a bull market. And he is already looming on the horizon. It is also backed by huge volumes of trade. This is generally an extremely positive signal to the market. ”
A complete analysis of the effect of this technical phenomenon on the cost of XRP is unknown. Further, we can analyze past “golden crosses” on the wag of Bitcoin.
It turned out that the “real” gold crosses of Bitcoin led to a rally of 20,500%, 6,750% and 150%, respectively. For example, the gold cross on the BTC chart in 2015 led to an increase from $ 300 to $ 20,000 over several years. And what is interesting, never with such a phenomenon, the “golden cross” has not turned into a “cross of death.” Below, from the Nick Chong tweet you can see this.
"Real" Bitcoin golden crosses led to rallies of 20,500%, 6,750%, and 150%.
If history rhymes, BTC could do extremely well in the coming years. pic.twitter.com/IJZ2gXl9Jf
— Nick Chong (@_Nick_Chong) February 18, 2020
Other powerful signals
A custom indicator, known as IchiEMA, gave a buy signal on the weekly chart. This signal was noted two weeks before the end of 2017, the Ripple XRP began its well-known growth wave. During which, the asset added more than 1000% per month, rising from $ 0.20 to prices above $ 3.00.
Are you buying or selling in to weekly resistance?
– clear horizontal resistance area
– dynamic EMA resistance
On the other hand:
– IchiEMA signals buy
– AXLE first blue bar
– Price above weekly Kijun
— h⬡dl21⬡⬡k (@h0dl2100k) February 5, 2020
In addition, the analysis, which showed the bottom of the XRP at about $ 0.17 and a subsequent increase to $ 0.34, suggests that the asset will grow from 200% to 300% to $ 1.00 in the coming months.