XRP prints first golden cross in 2023, here's what might come next XRPArmy XRPCommunity XRPHolders $XRP
has formed its first MA crossing of the year and, interestingly, it turns out to be a golden cross. The last time such an event appeared on the XRP daily chart was in October 2022.
Analysts and traders interpret the golden cross, which happens when a short-term moving average crosses above a long-term moving average, as a bullish indication. In this case, the XRP daily moving average 50 has crossed above the MA 200, thus confirming the so-called"golden cross." XRP rallied for most of March as positive expectations in the Ripple-SEC lawsuit built up. Ripple CEO Brad Garlinghouse stated that the Ripple-SEC lawsuit was"going to be pivotal for the whole industry" and that he expects a decision on the case this year.The rally subsided as investors made gains; at the time of writing, XRP was down 3.54% daily in line with the recent crypto market declines at $0.49. The crypto asset is down 9.75% in the last seven days.
The October 2022 golden cross produced by XRP was invalidated by the unpleasant effects of the FTX collapse on the market. XRP dipped to lows of $0.31 on Nov. 10 as the crypto market plunged in the wake of the FTX collapse.With this said, attention could be placed on another interesting pattern building up on the XRP daily chart: the bull flag formation.
The bull flag chart pattern is a continuation pattern that looks like a downward-sloping channel or rectangle denoted by two parallel trendlines. The initial rally has ended as profit-taking occurs, and the price forms a tight range with slightly lower lows and lower highs before bulls gain control again to push another rally.
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