Investors Turn Bullish on XRP (XRP) Following Golden Cross
According to the XRP/USD chart, the altcoin’s 50-day moving average has moved above the 200-day moving average — a chart pattern known as a golden cross that is typically seen as an indication that a major rally is on the horizon.
The last time XRP’s USD chart witnessed a golden cross was just before the major 2017 bull run that saw its price surge from around $0.20 to over $2.00 before crashing down to earth.
This time around has the added benefit of having XRP listed on Coinbase, a long-awaited milestone for the second-largest altcoin. Earlier this month, Coinbase also announced that New York residents are now able to buy and sell XRP on the retail platform.
Bitcoin also recently saw its BTC/USD chart form a golden cross when the leading digital currency was trading for around $5,500 in April. The current price stands at roughly $8,700, a 58% increase in a little over a month.
XRP is currently up 0.8% on the day to $0.432608, giving the altcoin an $18.22 billion market cap.
Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.