XRP Analyst Predicts a Bullish Breakout, Anticipating a Parabolic Move
A cryptocurrency analyst has highlighted a rare bullish pattern on XRP’s price charts, suggesting that a “parabolic move is imminent” for the token. In a post on X, the analyst advised followers to focus on chart analysis rather than news developments. The analyst emphasized the significance of the golden cross formation, as it could trigger a parabolic move for XRP, even in the event of a retracement.
A golden cross occurs when a short-term moving average crosses above a long-term moving average. This signals a shift in momentum from sellers to buyers. The three stages of a golden cross involve the downtrend bottoming out, the shorter moving average crossing above the larger moving average to indicate a breakout and trend reversal, and finally, the continuation of an uptrend. XRP’s golden cross was formed earlier this year following a significant drop in its market capitalization.
After a federal judge ruled that XRP is not necessarily a security, the token experienced a peak market capitalization of $44.3 billion. However, XRP’s market capitalization has since fallen to $33.9 billion. The ruling came in response to a lawsuit filed by the SEC against Ripple, accusing the company of selling XRP without proper registration. Despite the legal woes, former Goldman Sachs executive Raoul Pal saw an opportunity and invested in XRP.
Overall, this bullish pattern on XRP’s charts has caught the attention of the cryptocurrency analyst, indicating a potentially significant breakout ahead.