- XRP’s resurgence in reclaiming key SMAs against Bitcoin signals positivity.
- Past instances of similar patterns resulted in substantial XRP rallies.
- The current setup suggests a potential bullish trend for XRP.
A crypto educator notices desirable XRP chart movements amidst XRP’s recent price setbacks. Specifically, he says that a promising pattern has emerged and should catch the attention of market observers.
As we can see from the tweet above, the educator goes on to explain the XRP price movement with the help of the XRP price chart. To highlight, he says the token has managed to reclaim the 20-day (0.00001852) and 50-day (0.00002100) Simple Moving Averages (SMAs).
More importantly, XRP has reclaimed these spots against Bitcoin (BTC), prompting optimistic speculations. He then goes on to compare the significance of this movement with the help of some historic clarity.
In detail, the XRP/BTC chart reached its highest point since December 2022, hitting 0.00002970 in July. This impressive surge could be attributed to the positive momentum XRP gained following Judge Torres’s verdict during the same month.
Despite a subsequent decline against Bitcoin, with XRP closing July at 0.00002388 against the dominant altcoin, the token’s upward momentum remained evident. XRP managed to regain the 20-day and 50-day SMAs on a monthly basis.
Thus, the educator noted that the last time XRP achieved this feat against BTC was in March 2017. This move led to an outstanding rally that culminated in an all-time high (ATH) of $3.80 in January 2018.
During the previous rally, XRP’s price skyrocketed by a staggering 15,400% in less than a year. However, the ATH was short-lived, and XRP eventually lost its gains, slipping below the 20-day SMA in April and the 50-day SMA in June 2019.
With XRP’s recent surge to reclaim these two SMAs, the educator highlights that the token’s return to the 50-day SMA is likely aimed at testing it as support amid ongoing corrections. Now, having successfully held above the 50-day SMA, XRP appears poised for a bullish run.
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