Source: $XRP Price Chart Forms Bullish ‘Golden Cross’ Pattern As Analysts Predict Upward Movement | Cryptoglobe
The native token of the XRP Ledger, $XRP, has recently formed a bullish ‘golden cross’ pattern, which is formed when an asset’s short-term moving average crosses above its long-term moving average. Golden crosses are seen as a potential indicator for major price rallies.
Analysts on social media have pointed out that XRP’s 50-day moving average has recently surpassed the asset’s 200-day moving average, forming a bullish golden cross pattern while its Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) indicators remain bullish.
According to Investopedia , there are three stages to a golden cross, with the first one requiring a downtrend to eventually bottom out as selling is depleted. The second stage comes after the shorter moving average “forms a crossover up through the larger moving average to trigger a breakout and confirmation of trend reversal. “ A third stage occurs with the continuation to an uptrend.
XRP’s golden cross pattern was formed at a time in which XRP-focused investment products saw $800,000 of inflows last week, which are relatively small compared to BTC’s $4.6 million in inflows over the same period, but represent “the largest since the lawsuit with the SEC began.”