The XRP price has been struggling to break through the $1 level, despite multiple partial victories against the United States Securities and Exchange Commission (SEC) over the past year. However, bullish formations on the chart, including a Golden Cross, have given hope to XRP bulls. A Golden Cross occurs when the short-term moving average of an asset crosses over a major long-term moving average, signaling long-term bullish momentum for the asset. According to a pseudonymous crypto analyst, the Golden Cross has appeared on the weekly XRP chart, indicating a potential rally in the XRP price.
In addition to the Golden Cross formation, the Relative Strength Index (RSI) for XRP is also showing bullish signs. The RSI, which currently sits at around 44.31, has seen a significant drop over the last few months. A lower RSI value indicates oversold territory, which is typically seen as bullish for an asset. While the XRP price is still higher than the oversold level of 30, the decline in the RSI suggests that a rally could be on the horizon for the altcoin.
The ongoing lawsuit between Ripple and the SEC has been a major factor in the lackluster performance of the XRP price over the past four years. The lawsuit, which began in 2020, has kept the price of XRP below $1 for an extended period. However, with recent developments in the case, including a ruling by Judge Analisa Torres that programmatic XRP sales did not qualify as securities, there is hope for a resolution in the near future. Ripple CEO Brad Garlinghouse has expressed confidence that the case will be settled soon, potentially freeing up the XRP price to move more freely.
Once the lawsuit is resolved, many analysts believe that the XRP price will finally have the opportunity to surge past $1. Some even predict that the price could reach $10 or higher by the time the rally is complete. With bullish formations on the chart and positive developments in the legal battle, the stage is set for XRP to potentially break through the $1 barrier and continue on an upward trajectory.
While the XRP price has faced challenges in the past, the current indicators suggest that a turnaround may be on the horizon. With the appearance of a Golden Cross formation and a bullish RSI, coupled with the potential resolution of the Ripple vs. SEC lawsuit, XRP could finally have the opportunity to break $1 and beyond. Investors and traders will be closely watching the developments in the coming weeks to see if these bullish signals will translate into a significant price rally for XRP.