XRP has prepared the stage for an imminent price surge to the $6 territory, according to pseudonymous crypto analyst Cryptobilbuwoo, who called attention to a golden cross on the weekly chart.
The analyst made a case for this rally, citing historical trends followed by XRP two years ago. To drive home his point, Cryptobilbuwoo presented an XRP weekly chart detailing a series of identical price movements between the 2020-2021 cycle and this cycle.
XRP’s 2021 Movements
Notably, the chart confirms that XRP formed a bullish golden cross in October 2020 when the 25-week moving average crossed above the 50-week moving average. Following the crossover, XRP rallied to a high of $0.7900 in November 2020.
Interestingly, the weekly bullish crossover came up shortly after XRP broke above a downtrend that had plagued it for several months. However, upon initiating the rally on the back of the crossover, XRP faced resistance at the $0.7900 point, eventually correcting the gains.
Nonetheless, the correction was short-lived, as XRP engineered a comeback that saw it break above the resistance point of the initial target. XRP surged to a high of $1.9669 in April 2021 after conquering the initial resistance of $0.7900.
XRP Aims to Repeat the Trend
Cryptobilbuwoo believes this pattern is about to repeat itself within this cycle, citing initial similarities. In a second chart he provided, XRP again broke above a multi-month descending trendline. The breakout coincided with another weekly golden cross.
Amid the breakout and the golden cross, XRP spiked to a high of $0.9479 in July on the back of the lawsuit victory. However, like in the previous cycle, XRP faced strong resistance at this high. The asset has so far corrected all the gains from that day – a pattern the market observed in late 2020.
Cryptobilbuwoo predicts that the July rally is the initial upsurge. He projects another imminent upsurge, which would result in an “explosion” in XRP’s price. According to him, XRP has again retested the downward trendline, signaling a looming price surge.
For his price target, the analyst presents an appreciation rate similar to the one in 2021. Based on this rate, he forecasts XRP rising to the $5.3 – $6 range. At XRP’s price of $0.4865, reaching $6 would require a 1,133% rally.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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