Crypto News- As per the insights of a pseudonymous cryptocurrency analyst, known as Cryptobilbuwoo, XRP seems to have set the stage for an imminent price surge towards the $6 mark. This projection is supported by the emergence of a golden cross on the weekly chart, and Cryptobilbuwoo has drawn parallels between the current price movement and historical trends observed in the 2020-2021 cycle.
XRP Readies for a Rally to 6 Dollars, Drawing Parallels to Past Weekly Golden Crosses
Intriguingly, the chart corroborates that XRP experienced a bullish golden cross back in October 2020 when the 25-week moving average crossed above the 50-week moving average. Following this crossover, XRP surged to a peak of $0.7900 in November 2020.
What’s noteworthy is that this weekly bullish crossover occurred shortly after XRP broke free from a prolonged downtrend that had held it back for several months. Despite facing resistance at the $0.7900 level during the initial rally following the crossover, XRP managed to surpass this resistance and achieved a high of $1.9669 in April 2021.
XRP’s Attempt to Replicate the Trend
Cryptobilbuwoo posits that the current cycle appears to be mirroring this pattern, with initial similarities. In another chart provided, XRP once again broke above a descending trendline that had persisted for several months, coinciding with yet another weekly golden cross.
In conjunction with this breakout and golden cross, XRP saw a spike to $0.9479 in July, fueled by a favorable lawsuit outcome. Nevertheless, similar to the prior cycle, XRP encountered formidable resistance at this high, leading to a correction in its gains, much like what was observed in late 2020.
Cryptobilbuwoo anticipates that the July rally represents the initial surge and foresees another imminent upswing, which could result in a significant price explosion for XRP. He believes that the recent retest of the downward trendline signals an impending price surge.
In terms of price targets, the analyst extrapolates a growth rate reminiscent of that seen in 2021. Based on this projection, he envisions XRP reaching a range between $5.3 and $6. At its current price of $0.4865, achieving $6 would necessitate a remarkable 1,133% rally.
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