XRP on the brink of a golden cross as focus switches to altcoins
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Payments-focused cryptocurrency XRP (XRP) is on the verge of flashing a major bullish signal as bitcoin’s share of the crypto market drops and traders look to alternative coins.
That signal is the golden cross, and it could soon appear on XRP’s price charts.
A golden cross is confirmed when an asset’s 50-day moving average crosses above its 200-day average. It is widely viewed by chart analysts as a bullish long-term signal. The pattern has often delivered on that promise across many markets, including bitcoin, which recently confirmed its own golden cross.
So, in theory, XRP’s impending golden cross points to the potential for solid price gains. History, however, suggests caution. For XRP in particular, the golden cross has not been a reliable long-term predictor of sustained upside.
In fact, none of the 16 previous golden crosses lasted even 12 months and were quickly terminated by a death cross which, as the name suggests, is something of an alternative, bearish arrangement of moving averages.
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