After Bitcoin, Ripple's XRP, one of the most controversial cryptocurrency in the crypto space, has made its golden cross, today. Golden crosses are formed when the 50-day MA crosses above its 200-day MA and generally reveal bullish momentum.
In spite of Ripple's multiple partnerships with banks, and cross-border pilot programs, XRP as you see in the weekly XRPBTC chart below was in a downtrend for eight months now. XRP broke out this descending triangle chart pattern and retested current support level of 0.00002490 BTC.
XRP is just added another factor for its bullish case against USDT. As you see in daily chart below, XRP's golden cross formation has just been confirmed, today.
Golden cross one of the most critical price actions. It is not occurring frequently. When it happens, however, it may provide lifetime opportunities in trade.
Here is formal definition of a golden cross:
The golden cross is a candlestick pattern that is a bullish signal in which a relatively short-term moving average crosses above a long-term moving average. The most commonly used moving averages are the 50-period and the 200-period moving average Source: investopedia.com
As you see the daily graph on Binance.com, 50 daily MA crossed above the 200 MA. This golden cross is generally a sign of power of bullish sentiment in the market. However, it is not enough to be in a bullish market. We are officially in a bullish market when two things happen:
1- Golden cross
2- Price action above the 200 MA
Golden cross shows long term momentum because the short-term average crosses from below to above the long-term average, indicates the potential for a major rally and provides traders with a buy signal. So it generally provides life time opportunity because it can potentially push the price higher due to this psychological importance. Yet, we need to be cautions because it is a lagging indicator. Therefore, a golden cross should always be confirmed with other filters and indicators before putting on a trade.
Thanks for reading. I hope you’ve found it helpful.
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