Ripple’s token XRP has been all over the news lately as its value skyrocketed last week. The digital asset saw an 82% spike last week which made it a top-performing crypto. This surge in XRP and other tokens like Cardano has led many analysts to believe that the crypto market is about to a new altcoin season.
Most traders had written off the old-timer XRP from the list of mega price surges until it rallied to $1.265 last week. This was the highest gain observed in the token in the last 3 years which is making many analysts predict that the coin will continue to surge further in the coming days.
This unprecedented spike in XRP can be attributed to the ongoing regulatory developments in the US and some heated responses to the token. The digital asset might surge more this week as a probable Cardano-Ripple partnership to deal with regulatory issues is heating up the market for these two altcoins.
The interest in XRP is gauged from the way crypto whales are accumulating the token in anticipation of altcoin season. The cryptocurrency has now broken out of the triangle accumulation that started in 2018 and a breakout is likely to happen. Although it has gained significantly, the upcoming surges might be bigger than that.
The current price rally has been vindicated by a 20% price correction to $1 where a golden cross pattern has emerged. This indicates that the 200-day and the 50-day moving averages are crossing each other from bottom to top.
When such short-term curves are higher than the long-term curves it indicates that the token will rally. Such golden crosses in the weekly price chart are extremely rare. It could happen because the token has a long trading history, over a decade to be precise.
The reverse might also be true that the golden cross might trigger an end of the XRP price rally as seen in April 2021. However, analysts are betting on the surge as XRP rose over 350% to touch $1.97 while the Golden Cross was being formed. The coin is likely to see a 550% jump in its price by December.
At the time of publication on November 19, XRP stood at $1.10, a 4.93% increase in the last 24 hours while its trading volume decreased by 26.16% to touch $9.81 billion and market cap rose to $62.49 billion.
