XRP formed a golden cross on its short-term charts last week, typically a bullish signal suggesting a price rally. Since September 19, when this technical pattern appeared, market observers have been anticipating a significant price increase for Ripple’s native token.
No Significant XRP Price Movement After Golden Cross
A golden cross occurs when a short-term moving average (such as the 50-day MA) crosses above a long-term moving average (often the 200-day MA). In XRP’s case, this bullish signal appeared on the four-hour chart on September 19.
Many expected XRP’s price to skyrocket, potentially reaching $1. However, the anticipated rally hasn’t materialized, invalidating the significance of the golden cross in this instance.
XRP Underperforms Amid Market Momentum
While the broader cryptocurrency market is experiencing upward momentum — with Bitcoin trading at $65,617.49 (up 2.06% in 24 hours) and Ethereum at $2,654.35 (up 1.29%) — XRP has slipped into the red, trading at $0.5893, marking a 0.1% decline over the same period.
Is $1 Still Possible for XRP?
Despite the price dip, broader factors like market sentiment and economic trends could still drive XRP toward the $1 mark. A recent Whale Alert report detected the withdrawal of 40 million XRP (worth approximately $23.3 million) from Bybit, transferred to a private wallet. This activity, along with several other large XRP transactions, indicates growing interest from market whales, potentially signaling upcoming adoption and further price growth for XRP.
