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XRP price has struggled despite recording multiple partial wins against US Securities and Exchange Commission (SEC) Over the past year, the initial surge was not enough to push it to the coveted $1 level. However, this did not deter bulls, especially with the bullish formations on the chart and multiple predictions that the XRP price is set to hit an all-time high.
XRP Price Shines at Golden Cross
A crypto analyst who goes by the pseudonym @Nico369K on the X platform (formerly Twitter). pointed out An interesting formation on the XRP price chart. This formation is known as the “golden cross” and is an exceptionally bullish formation on any digital asset chart.
Related reading: Cryptocurrency Analyst Says XRP Is Still on Track to Rally to $150
Golden crosses typically occur when a short-term moving average of an asset crosses a long-term major moving average of that asset. The moving average can be of any time frame, ranging from daily to weekly, and according to the cryptocurrency analyst, golden cross It appeared on the weekly chart.
The golden cross, in itself, indicates long-term bullish momentum for the asset, suggesting that XRP price may be heading higherHowever, this is not the only bullish thing that has appeared on the chart, as the Relative Strength Index (RSI) is also bullish.
According to the crypto analyst, the RSI is currently around 44.31, a significant decline over the past few months. The RSI indicates whether an asset is overbought or oversold, with higher values indicating overbought territory, which is bearish, and lower values indicating oversold territory, which is bullish.
Typically, RSIs around 30 indicate oversold territory, and XRP price It is still above this level. However, the decline in the RSI indicates that Alternative currency price It has already descended towards the oversold zone and a rally may break out due to this.
Other factors that may lead to higher prices
the Lawsuit Against Ripple and SEC The obvious reason why XRP price failed to perform like the rest of its peers over the past four years was the lawsuit, which started in 2020 and lasted for almost four years, during which time, XRP price It dropped below $1 and stayed there.
Related reading
However, the lawsuit is expected to end this year after Judge Analisa Torres ruled that software sales of XRP on secondary exchanges are not considered securities. As a result, Ripple is now stuck in settlement talks. With the regulator to determine an outcome that is comfortable for the parties involved.
Ripple CEO Brad Garlinghouse recently said that I am confident that the matter will be resolved soon.Once the lawsuit is over, the price of XRP is expected to finally be free to move. In this case, the price of XRP could rise above $1, with some analysts predicting that the price could exceed $10 by the time the rally is over.
Featured image created using Dall.E, chart from Tradingview.com
