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Golden Crossover: XRP Heads for Bullish Chart Pattern as Price Climbs 27%
XRP is teasing a long-term bullish reversal, with 27% gains and a bullish golden cross pattern likely to occur next week.
Yazan Omkar Godbole
XRP is teasing a long-term bullish reversal, with a surge in price and a bullish chart pattern likely to occur next week.
The world’s third largest cryptocurrency by market capitalization is currently trading at $0.413 on Bitfinex, representing a 27 percent gain on the opening price of $0.3249 seen May 1.
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If prices stay above the current level till May 31, the resulting monthly gain would be the biggest since September 2018. Back then, the cryptocurrency had rallied 73 percent from $0.3350 to $0.5820.
The rally seen this month appears modest in front of the stellar gains registered in September 2018. The cryptocurrency, however, may produce much bigger gains in the following months as a widely tracked long-term technical indicator is about to turn bullish.
The upward sloping 50-day moving average (MA), currently at $0.3434, looks set to cross above the 200-day MA, currently at $0.3470, in the next few days.
That would confirm a “golden crossover” – a pattern which indicates long-term bullish reversal, according to technical analysis theory. Many experts, however, call it a lagging indicator, as the MA studies are based on historical data.
An impending golden crossover, therefore, could be considered a product of XRP’s rise from the April 25 low of $0.2825 to the recent high of $0.4787 rather than a hint of further gains.
That said, XRP is still down 87 percent from the record of $3.30 reached on Jan. 4, 2018 and far from being overbought. The golden crossover, therefore, may invite chart-driven buying, leading to the next leg higher in the cryptocurrency.
Daily chart
As seen above, the 50-day MA is fast closing on the 200-day MA.
The crossover confirmation could be followed by a convincing break above the recent high of $0.4787 as the 14-day relative strength index (RSI) is currently biased bullish at 61.00 and well short of the overbought territory (above-70).
Further, the Chaikin money flow index (CMF) is printing positive, indicating strong buying pressure.
Weekly chart
XRP jumped 34 percent in seven days to May 19, validating seller exhaustion seen near $0.28 in the first 4.5-months.
So far, however, the follow-through to that bearish-to-bullish trend change has not been bullish. In fact, the cryptocurrency formed a hanging man candle last week – a bearish development.
The outlook, however, would again turn from bullish-to-bearish only if the price ends below $0.3593 at this Sunday's close (UTC).
Disclosure: The author holds no cryptocurrency assets at the time of writing.
XRP image via Shutterstock; Charts by Trading View
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