Altcoins

Here Is Why XRP Price Claiming $0.50 Mark Could Be Imminent

Written by: Delma Wilson

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Delma Wilson

Delma is a B2B Content Marketer, Consultant, Blogger in the field of Blockchain, and Cryptocurrency. In her spare time, she loves to blog, play badminton and watch out ted talks. She likes pets and shares her free time with NGO.

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Aug 9, 2022

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After being shadowed with bearish pull since April, the crypto market has now found some light with major cryptocurrencies flashing green. In fact the world’s first cryptocurrency, Bitcoin has even surpassed its long time held $23,000 level and reclaimed $24,000 mark. This has pushed Ethereum, XRP, Cardano, Solana among other altcoins towards next levels.

Meanwhile, Bitrue, a crypto exchange has suggested that XRP has now formed a golden crossover. The firm stated that the XRP has created a new golden crossover on its 4hr chart and this might be a positive indicator that XRP has hit its bottom.

Further Bitrue asserts that XRP’s current price action is moving around 100 EMA (Exponential Moving Average), making it as a support after seeing a breakout through its earlier channel in July.

In XRP’s 4hr graph, the asset 50 MA (Moving Average) surpassed the 200 MA in July and hence formed a golden crossover. This crossover is referred to as a short-term positive indicator in this situation.

This technical metric suggested that the target for the breakout is $0.5 and this will see a 30% rise from its present price levels. An analyst at Biture claims that $0.5 is the breakout target value, which is slightly hopeful given the vast amount of supply that needs to be verified.

At the time of publication, XRP is trading at $0.38 with a leg up of 2.08% over the last 24hrs.

The “precise upward move” in the market is what analysts and traders refer to as the “golden crossover,” which occurs when a short-term moving average passes over a long-term moving average to the north.

XRP Price At $0.50?

This golden cross pattern has formed many times before. When the same was formed in August 2021 there was a price jump of 80% and the same was seen in February 2021 as the price saw a massive surge of 400%. Hence, there might be similar price action even during the present crossover.

The price movement of cryptocurrencies is still entirely unpredictable due to present macroeconomic worries. If history is to be believed, XRP must first overcome a hurdle at $0.41 and then another one at $0.447 before reaching the $0.50 mark.

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Delma Wilson

Delma is a B2B Content Marketer, Consultant, Blogger in the field of Blockchain, and Cryptocurrency. In her spare time, she loves to blog, play badminton and watch out ted talks. She likes pets and shares her free time with NGO.

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