After a strong breakout last week, which saw the rise in Bitcoin managed to match wonderfully, has XRP recently hit an intraday high of $2,47 before falling back to a lower daily close. Still, the overall trend for XRP remains bullish, with the altcoin typically moving in sync with Bitcoin and benefiting from the broader crypto rally. A recent technical signal is drawing renewed attention, one that preceded a spectacular 600% rally in November 2024.
According to crypto analyst Dark Defender, XRP has once again produced a rare Golden Cross on its weekly RSI indicator, an event that last occurred on November 4, 2024. This signal preceded XRP’s explosive 600% rally at the time, and its recurrence signals the potential for a similar price movement.
The current RSI cross comes just as XRP has broken above a long-standing weekly resistance trendline, after hitting a price of $14 on May 2,59. Dark Defender’s chart highlights this breakout, with a bright green line now passed through and a bullish pin bar candlestick having formed above it, reinforcing the bullish case.
The RSI behavior in the 1W candlestick timeframe chart speaks volumes. The purple RSI line has once again crossed above the yellow moving averages, just like it did in early November 2024. When XRP made this cross, the price was around $0,50. But then came a spectacular rise of over 600%, peaking at around $3,31 on January 12, 2025.
Looking back at the price movements after the weekly RSI cross in late 2024, analysts like Dark Defender are basing their outlook on a repeat of the same 600% rally or something similar in the coming weeks. Dark Defender has set two major price targets: the first is at $3,33, close to the multi-year peak from January 2025. Should XRP break through that, the next major target figure is around $5,85, according to the 261,8% Fibonacci level.
The Elliott Wave structure drawn on the chart indicates an impulsive five-wave move. XRP is about to enter the third wave, the longest and most powerful wave in a bullish cycle. If this structure plays out as expected, XRP could quickly sustain above $2,59, push above $3,33 and rally towards the upper boundary of the projection.
“And remember, reports of spectacular climbs are always intriguing, but the real adventure is just beginning!”
Notably, none of these price targets are based on a full replay of the 600% rally. The $3,33 target is 43% above current price levels, while $5,85 represents a 150% gain from current price. At the time of writing, XRP is trading at $2,34.
What is the current price of XRP?
Currently, the price of XRP is $2,34.
What does the Golden Cross mean for XRP?
The Golden Cross on the weekly RSI indicator indicates that the price may develop a possible bullish momentum, which previously resulted in a significant price increase.
What price targets are being mentioned for XRP?
The main price targets are $3,33 and $5,85, with a strong possibility that XRP can reach these levels in the upcoming period.
Stay curious and follow the developments of XRP, because in the world of crypto every second can be decisive!