- CoinsKid, a cryptocurrency analyst on Twitter, predicts that XRP would climb to $9.
- The analyst based his prediction on a potential golden cross signal for a 720% XRP rally.
- A 10 and 20 EMA golden cross signal is developing on the XRP monthly chart.
CoinsKid, a cryptocurrency analyst on Twitter, predicts that XRP will climb to at least $9 if it overcomes the existing all-time high (ATH). He predicted that after noticing a developing golden cross of the 10 and 20 EMA on the XRP/USD monthly chart.
According to CoinsKid, the XRP monthly chart printed a 10 and 20 EMA golden cross in 2017 ahead of the bull market. After that, it showed another 10 and 20 EMA golden cross in 2020 before another bull run. He noted that the 2020 golden cross resulted in a 720% surge in XRP’s price. Historical data shared by CoinsKid suggests XRP could reach a new ATH if the golden cross develops.
In chart analysis, a golden cross happens when a short-term moving average crosses above its long-term moving average. In the case of CoinsKid’s analysis, the paired indicators are the 10 and 20 exponential moving averages (EMAs) on the monthly chart. The pair and the time frame involved indicate the information provided covers long-term trends. Hence, three years’ interval between a preceding golden cross and the next one, as indicated by CoinsKid.
XRP entered a downtrend after the 2020 bull run. Apart from the bearish trend of the overall crypto market, the regulatory battle between Ripple and the Securities and Exchange Commission (SEC) has contributed to the dwindling fortunes of the crypto token.
Many analysts believe that the fate of XRP will be known soon, with the court case about to be decided. The prevailing sentiment is that a win for XRP will motivate an unprecedented rally for the crypto token. If that happens, adding to the technical inferences of analysts like CoinsKid, XRP could be on its way to a new ATH. However, if the court rules in favor of the SEC, the judgment’s impact might neutralize any potential rally for XRP.
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