Analyst Sees XRP Still Forming Parabolic Move, Golden Cross
A crypto analyst recently urged followers to focus on the XRP charts, as he says a “parabolic move is imminent” for the token.
JD emphasized a golden cross pattern remaining on the charts and claimed this could trigger a parabolic move.
Understanding a Golden Cross
Subscribe to our Social Media for Exclusive Crypto News and Insights 24/7!
A golden cross is a bullish signal that emerges when a shorter-term moving average crosses above a longer-term moving average, signaling a change in momentum.
Investopedia notes that the golden cross has three distinct stages, requiring a bottoming out of a downtrend, and eventually leading to a continuation of an uptrend.
XRP’s Golden Cross
Earlier this year, XRP’s market cap saw a massive drop before it formed a golden cross, which occurred shortly after a federal judge’s ruling on the security status of the cryptocurrency.
Despite the drop, the market capitalization of XRP briefly climbed to $44.3 billion after a New York judge determined the token “is not necessarily a security.”
The judge’s ruling came following a lawsuit filed by the U.S. SEC against Ripple for allegedly selling XRP without registration.
Former Goldman Sachs executive Raoul Pal took advantage of the price plunge, betting on XRP and describing it as “the opportunity of a lifetime.”
Hot Take
Golden Crosses remain potent bullish indicators in cryptocurrency markets, setting the stage for significant price moves. Despite outside controversies, is it time to position your XRP holdings for a parabolic move?
