The XRP price continues to underperform the overall crypto market, raising concerns among holders. However, it’s not all bad for the cryptocurrency, which boasts one of the strongest communities in the industry. On the price front, optimism about a recovery remains high crypto analyst JD has made a rather bullish prediction for the altcoin’s price.
XRP Price Confirms Golden Cross for 1000% Rally
In his last analysis of the XRP price, crypto analyst JD has pointed to a bullish formation that could predict this Very good news for the altcoin. According to him, the cryptocurrency has confirmed a rare Golden Cross on the 4-day chart, and its historical performance points to an increase of at least 700% after this.
JD’s graph shows what happened the last two times the XRP price confirmed such a Golden Cross. The first was in 2017, when the asset’s price reached the Golden Cross after a four-year trend break. After this, the XRP price would increase by 700% in a short time.
Source: X
The next time the Golden Cross appeared on the chart was in 2020, just as the bull market began. This time there was one 1000% increase in XRP price after this pattern was confirmed, there was an even bigger rally than the previous event.
If the XRP price sticks to this historic achievement, then the price of the coin could increase by 800% on average. However, if it also follows the trend of the most recent increase being higher than the previous one, the token could expect an increase of more than 1000%, which would take its price above $6.
XRP locks above $0.64 | Source: XRPUSD on Tradingview.com
Beware of the withdrawal before the rally
While JD’s analysis paints an incredible picture bullish view for the XRP price, the analyst also warns of a drop in price before the rally. Both times the Golden Cross has appeared, the token’s price has seen a decline before the breakout was confirmed.
In 2017, there was a 64% price correction before the 700% increase. When the Golden Cross appeared in 2020, there was another 40% price correction before the price rose by 1000%. So it stands to reason that this time there will be a pullback before a rally starts.
Currently, the XRP bulls seem to be waking up again after a short period of consolidation. The price broke above $0.64 on Thursday and the bullish trend is expected to continue as Bitcoin and the crypto market recover.
Featured image from Watcher Guru, chart from Tradingview.com