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Today’s crypto prices have illustrated mixed price actions, sparking a tidal wave of speculations across the broader market. BTC price rested at $59,291 today. XRP, Ripple’s native cryptocurrency, is also on the verge of reaching the $0.60 mark amidst a turbulent market. This surge happened alongside a Golden Cross formation on the price chart and a broader recovery in the crypto space.
However, several factors suggest that this milestone could be achieved today; here’s why?
XRP is currently trading just below $0.60, making it easier for the cryptocurrency to overcome this psychological barrier. Round numbers often attract trader interest, and with XRP holding steady at these levels, the momentum seems to favor a push above $0.60. A slight increase in buying pressure could tip the scales.
Golden Cross a Bullish sign
Moreover, a golden cross formation on XRP’s chart is giving bullish vibes. This pattern occurs when the 50-day moving average crosses above the 200-day moving average, historically signaling significant price increases. The presence of a golden cross on XRP’s chart further strengthens the bullish outlook, suggesting that the cryptocurrency could soon experience upward momentum.
Ripple (XRP) saw a 6.7% bounce after retesting its 200-day EMA around $0.545, which coincides with a key support level. Currently trading at $0.606, XRP is showing signs of a bullish trend, with rising open interest and a favorable long-to-short ratio. If the 200-day EMA holds as support, XRP could rally to $0.643. The Relative Strength Index (RSI) and Awesome Oscillator (AO) are near their neutral levels, and sustained bullish momentum will depend on these indicators trading above their neutral points.
Historical Sentiment
Yesterday, XRP briefly surpassed $0.60, even reaching $0.61 before a minor pullback. This shows that the market has the interest and volume needed to push XRP above this level. The fact that XRP has already tested and breached $0.60 indicates that traders are likely preparing to make another attempt to push the price higher.
Potential Scenarios: What If XRP Price Falls Short?
While the likelihood of XRP reaching $0.60 today is high, it is crucial to consider the alternative scenario. If XRP is rejected at this level, the next immediate support could be around $0.56. In this case, XRP might continue to trade within a narrow range, with a breakout or retreat determining its next move. Traders should closely monitor market signals to anticipate the cryptocurrency’s direction.
What do you think will happen to the price? Surge or dump?