The post XRP Price All Set to Surge by 720%; Here’s the Timeline! appeared first on Coinpedia Fintech News
With a staggering Twitter following of over 131k, England-based social media influencer CoinsKid is filled with optimism for the future of the XRP market. CoinsKid firmly believes that the current multi-year consolidation phase will eventually give way to an impressive breakout, driving XRP to new all-time highs (ATH).
Why does he believe so? Discover the reasons below.
Bullish Outlook for XRP
CoinsKid’s bullish outlook is anchored in the imminent occurrence of a monthly golden cross between the 10 and 20 exponential moving averages (EMA) in the XRP market. This significant technical indicator has historically served as a catalyst for substantial price rallies.
Notably, the last time a monthly golden cross between these two EMAs transpired in the XRP market was back in 2020, resulting in a remarkable surge of over 720 percent.
Also Read: Ripple vs SEC: Can Judge Torres Avoid Ruling on XRP Secondary Sales? Deaton Provides Clarity
A History of Golden Crosses
Recalling the past, another noteworthy golden cross between the same EMAs emerged in 2017 during the infamous burst of the cryptocurrency bubble. This historical event provides further credence to CoinsKid’s projections. Given the signs pointing to a potential monthly golden cross in 2023, CoinsKid confidently foresees an imminent breakout, setting a price target of $9 for XRP.
Huge Burden on XRP
XRP has garnered substantial adoption from institutional investors who seek streamlined cross-border payment solutions. Ripple and its suite of products have been widely embraced for facilitating global cross-border transactions, with the exception of those involving the United States. However, the ongoing legal battle between Ripple and the Securities and Exchange Commission (SEC) has cast a significant shadow over the XRP market.
Read More: Crypto Vs SEC: Legal Expert Claims SEC May Be Violating the Law in Cryptocurrency Regulation
For instance, XRP is barely traded in the United States markets despite the frequent incentives issued by Ripple to attract more liquidity. Ever since MoneyGram, a multinational payment company, ended its partnership with Ripple following the SEC charges, the XRP market has remained in limbo. Moreover, Citigroup bank is reportedly looking for alternative crypto custodians away from Ripple-backed Metaco.
In all these, Ripple has remained focused and has been named several international CBDC projects including in Europe and Asia.
