XRP recently formed a rare golden cross on the three-day chart after three years, triggering bullish speculations of an imminent rally.
XRP is showing bullish signs despite the downtrend observed over the past month. Notably, XRP has plummeted 36% from the high of $0.9380 on July 13. However, the asset recently formed a golden cross on the 3-day chart for the first time in three years.
MackAttack, a prominent XRP community figure, first highlighted the bullish pattern in a recent tweet. The influencer cited data sourced from a chart provided by a TradingView user, CoinChartist.
XRP prints a rare Gold Cross. This has only been seen twice before with XRP in History.
— 🇳🇱 MackAttackXRP® 🇳🇱 64K-XRP-Followers (@MackAttackXRP) August 5, 2023
Referencing information from the chart, MackAttack emphasized that the recent golden cross is the third one in XRP’s entire history. He asserted that the emergence of the cross could catalyze a prolonged unprecedented bull run.
Notably, MackAttack’s assertion is supported by historical trends witnessed on the three-day chart. Interestingly, each time XRP observed the golden cross, an impressive price surge ensued.
The first time XRP saw the cross was in April 2017 when it was changing hands at $0.0264. The asset registered an impressive rally afterward, surging by a massive 12,437% to the all-time high of $3.317 in January 2018.
The cross occurred again in December 2020 when the US SEC brought charges against Ripple, alleging that XRP was a security. Despite the prevailing legal pressure and bearish sentiments, XRP staged a rally shortly after the cross.
The asset skyrocketed from a low of $0.17 in December 2020 to the 2021 peak of $1.96 in March 2021. This surge represented a 1,052% increase in three months. However, market analysts believe the rally could have been much higher in the absence of the SEC’s lawsuit.
XRP Forms Third Golden Cross
XRP has now formed the third golden cross after nearly three years. Due to the previous performances, the recent formation has triggered bullish speculations of another price rally.
While analysts have projected an astronomical surge, there has been no precise price projections, leaving the potential target to numerous interpretations.
Amid the prevalent bullishness, it is crucial to approach the market with a decent level of caution. Investors should note that past performances do not guarantee future price movements. Meanwhile, XRP is currently trading for $0.6296, down 0.25% over the past 24 hours.