Primed for Launch With a Golden Cross on the Horizon? What the Future Holds for XRP

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XRP surprised many as it rallied over 85% since early 2023, handily outpacing Bitcoin’s gains. And according to some crypto analysts, the party may just be getting started. An approaching “golden cross” chart pattern could propel XRP into parabolic growth territory, projections indicate.


Keypoints

  • Analysts are predicting a potential “golden cross” chart pattern for XRP, which could signal a bullish trend and parabolic price increase
  • Short-term predictions see XRP possibly rising to $0.88 by New Year’s Eve
  • Positive overall crypto market conditions support potential XRP growth, with assets like BTC and ETH seeing yearly highs
  • On-chain metrics like high daily XRP transactions and growing number of XRP wallets also indicate potential for gains
  • A whale recently dumped over 42 million XRP, sparking speculation of a potential pullback to $0.60

Analyst JD spies a forthcoming golden cross for the Ripple-created asset, formed when its short-term moving average crosses above its long-term trendline. Historically a strongly bullish signal, a golden cross powered previous cryptos like Bitcoin into massive runs. Based on this, JD sets an ambitious $24 target for XRP by end of 2024.

More conservative estimates still see sizable gains in the near-term. Analyst Dark Defender anticipates XRP reaching $0.88 by this New Year’s Eve, expecting a decisive breakout within two weeks.

So when can we pop the champagne? While short-term predictions have proven notoriously fickle in crypto markets, the overall tea leaves do seem positive for XRP. Both Bitcoin and Ether notched 2023 highs this week, powered by resurgent investor appetite for crypto risk-taking. And on-chain signals flash bullish for XRP as well, with over 1 million daily transactions executed on its network amidst a growing wallet holder base.

However, some activity does temper unbridled enthusiasm. Whale watchers raised eyebrows as an anonymous wallet dumped over 42 million XRP onto exchanges, with almost $27 million shifted. As whales often help lead market turns, this spurred speculation on coming corrections.

Yet for now, XRP appears to have held onto its 2023 growth trajectory. Consolidating above crucial support at $0.58, its price chart forms a bullish triangle pattern, typically resolving upward in continuation moves. Both crypto technicians and fundamentals-focused speculators will intently watch if $0.58 holds, with a decisive move expected within weeks.

Blending charts with on-chain trends and market psychology, the odds seem to favor XRP powering above the triangle target of $0.75. Still, crypto rarely follows the script, meaning holders should brace for anything from moonshots to wipeouts.

The post Primed for Launch With a Golden Cross on the Horizon? What the Future Holds for XRP appeared first on Blockonomi.

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