XRP Eyes Golden Cross Against Bitcoin, Fibonacci Extension Targets Suggest $5 Price

XRP is eyeing a potential golden cross against Bitcoin, with a Fibonacci extension price target that could push its value to a new all-time high of $5.

XRP price shows potential for a 23-week moving average golden cross against Bitcoin, indicating the possibility of a bullish trend. Despite recent setbacks, XRP could be gearing up for a rally.

Key Takeaways

XRP price is eyeing a potential golden cross against Bitcoin, with a Fibonacci extension price target that could push its value to a new all-time high of $5.

While the market for altcoins, including XRP, has been challenging, the cryptocurrency is showing signs of strength despite facing recent setbacks.

XRP is demonstrating technical signals that suggest a significant price surge could be in store, especially in relation to Bitcoin.

After a period of lackluster performance, XRP price seems to be preparing for a significant move against Bitcoin, judging by recent technical analysis.

Despite the broader market trend being bearish for altcoins, XRP has managed to hold its own and even outperformed Bitcoin at times. Now, as both XRP and BTC prices consolidate after a round of institutional buying, XRP price is showing signs of strength.

After a sharp rally, XRP’s 23-week moving average has surged from 0.00000871 on November 11 to its current value of 0.00001700 BTC. This key indicator is now approaching the 200-week moving average, which stands at 0.00001707 BTC, indicating the possibility of a golden cross forming soon.

A golden cross occurs when a shorter-term moving average crosses above a longer-term moving average, typically signaling the start of an upward price movement. If the 23-week MA crosses above the 200-week MA, it will be the first time such a golden cross has occurred on the XRP/BTC pair's weekly chart.

The formation of this cross could be a powerful catalyst for an upward rally, as it usually suggests further price upside.

However, XRP’s recent decline of 15.69% over the last two weeks has put a pause on its uptrend against Bitcoin. If the asset can resume its positive momentum in the coming weeks, the 23-week MA is likely to surpass the 200-week MA, potentially triggering the golden cross within the next month.

After a period of institutional buying, which saw XRP price surge by 233% against Bitcoin, the asset encountered a wave of selling pressure from large investors. This selling caused XRP price to plummet by 15.69% over the last two weeks, putting a pause on its uptrend against Bitcoin.

However, XRP price managed to hold key support at the 0.00001900 BTC level, preventing further losses and setting the stage for a potential golden cross formation.

Fib Targets Point to XRP Price at $5

Currently, XRP price is positioned above immediate Fibonacci support at 0.00002395 BTC. The Directional Movement Index (DMI) shows a downward trend for the +DI (blue) and an upward trend for the -DI (orange), indicating that Bitcoin is gaining ground against XRP.

However, despite this shift, XRP still remains in an uptrend against Bitcoin since the +DI at 34.4 is higher than the -DI at 20.1.

Should XRP regain control and push its price higher, it could target the 0.00002864 BTC level, which aligns with the 78.6% Fibonacci retracement level. A successful golden cross could drive XRP toward the previous peak of 0.00003462 BTC, potentially leading to a new all-time high at 0.00004222 BTC.

If this happens, XRP could continue its climb to 0.00005189 BTC, which represents the 1.618 Fibonacci extension.

Given Bitcoin’s current price of $97,721, reaching the 0.00005189 BTC mark would push XRP’s price to $5.07, a new all-time high for the cryptocurrency.

If the golden cross and subsequent price action unfold as anticipated, XRP could see a significant surge in value, offering strong returns for investors.