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TL;DR
- XRP’s Modest Gains: XRP has underperformed in the recent crypto market rally, rising only 5% compared to larger gains by Bitcoin, Ether, and Solana.
- Bullish Predictions: One analyst anticipates a potential “Golden Cross” for XRP, suggesting a future price surge, possibly up to $1.50 if it surpasses the $0.75 resistance level.
- Signs of a Slowdown: Despite optimistic forecasts, XRP is experiencing a downturn in transaction activity and some analysts warn of possible consolidation and price correction.
Is XRP on the Verge of a Bull Run?
The cryptocurrency sector has been on the rise recently, with its global market capitalization surging to almost $1.7 trillion (per CoinGecko’s data). Ripple’s native token – XRP – has not been among the best performers, climbed by just 5% in the past week. In comparison, Bitcoin (BTC) has jumped around 13%, Ether (ETH) has spiked 12%, and Solana (SOL) has pumped 17% for the same period.
Nonetheless, some analysts remain confident that XRP’s price will explode in the near future. The popular X (Twitter) user JD claimed that the asset will experience a so-called “Golden Cross” in the upcoming days. Such a development could substantially boost the XRP valuation based on historical events.
JD noted that XRP’s rice skyrocketed approximately 650 times after a “Golden Cross” witnessed in 2017. Still, the analyst warned that the token might first go through a correction before rallying impressively.
A “Golden Cross” is a chart pattern showing that the short-term moving average has crossed above a long-term moving one. It is considered a bullish event and has historically propelled price surges in other cryptocurrencies, such as Bitcoin (BTC).
Another analyst who believes XRP could spike in the following months is EGRAG CRYPTO. The X user argued the asset’s price might jump to as high as $1.50 if it breaks the major resistance level of $0.75, described as Fib 0.5:
“A breakthrough past the 0.5 Fibonacci level hints at upward momentum, signaling a shift from a downtrend to a potential uptrend, instilling confidence.”
XRP Losing Steam?
Despite the optimistic forecasts, Ripple’s native token seems to have been running out of fuel to reach new peaks in the near future. As observed on xrpscan, the number of executed transactions plunged to approximately 500,000 on December 8.
The host of YouTube’s channel CryptoTV has also noted XRP’s slowing pace, claiming it has been doing “its own thing” in the past few days, defying the reigning trends in the cryptocurrency market. He described the coin’s recent consolidation as “a bit concerning,” hinting that a price correction below $0.60 might be in the cards.
Those willing to check how XRP might perform in the remaining weeks of the ongoing year could take a look at our dedicated video below:
This article first appeared at CryptoPotato
