XRP has finally confirmed its golden cross setup, signaling a potential bullish momentum for the top altcoin. Notably, the nine-day moving average in the MA Cross indicator has flipped the 21-day moving average, a key sign of a possible rally for XRP.
XRP's eyes on $3 as resistance levels get tested
For clarity, a golden cross is considered a signal of a breakout for an asset as it marks a shift in price momentum. As of press time, the XRP price is trading up by 3.79% at $2.43, just above the $2.40 level indicated by the golden cross.
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XRP had previously hit a peak of $2.46 as it attempted to breach the $2.50 resistance level. Amid the slight volatility, XRP traders remain very active, driving volume up by 87.82% to $5.66 billion. The intense trading activity might support further price increases.
Other technical indicators, such as the Relative Strength Index, are at 65.46, showing that the asset is bullish but not overbought yet. This is another key signal that XRP has room for further growth. If XRP can break through the $2.50 to $2.65 resistance zone, the coin is likely to target $3 next.
However, the current bullish sentiment and momentum in volume have to hold. Growing institutional interest in XRP could support demand and take it higher. The activities of ecosystem whales could also help a push toward their all-time high (ATH) in the coming days.
XRP ETF speculation as catalysts to price momentum
However, there are obstacles to the $3 level. The last time the asset retested the price mark, it triggered considerable selling pressure and rejection. To overcome this, XRP investors, particularly whales, need to resist the urge to take profit.
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Current signals from the broader market might indicate positive momentum for the coin. The U.S. Securities and Exchange Commission (SEC) has held a meeting to discuss the Ripple litigation and the way forward.
A resolution of this long-drawn legal battle might pave the way for an exchange-traded fund (ETF) approval, which could impact the price outlook.
