- XRP’s price has surged due to a bullish golden cross and a decisive breakout above a key resistance level.
- The golden cross signals a potential shift in market sentiment.
- XRP has broken above a key downtrend line, indicating a weakening bearish grip on the market.
XRP is making waves fueled by a bullish technical crossover and a decisive break above a key resistance level. Recent technical analysis indicates the formation of a golden cross on the 1-day chart, adding fuel to the ongoing price rally. This key metric takes place when the 50-day moving average crosses above the 200-day moving average, signaling a potential shift in market sentiment from bearish to bullish.
Adding to the bullish narrative, the price of the Ripple-affiliated token has successfully broken above a key downtrend line. This trend line has been acting as a significant resistance level for several months, and its breach suggests that the bears’ grip on the market is weakening. This breakout further strengthens the bullish case for XRP.
Technical analysts are now eyeing a potential upside target for XRP based on a Fibonacci extension. This tool is used to project potential price targets by analyzing previous price swings. Currently, the 100% Fibonacci extension level sits at $4.20, which could be a potential target for XRP bulls in the coming weeks.
Hence, the recent golden cross and the breakout above the downtrend line have created a bullish environment for XRP. The potential upside target based on the Fibonacci extension adds further weight to the bullish case.
XRP: 58,000 New Wallets Signal Growing Interest Amidst SEC Lawsuit
Notably, XRP was the fewer large-cap altcoins that witnessed a surge in new wallet addresses amid a volatile crypto market. Recent data from Santiment showed that it logged in 58,000 new wallet addresses, indicating a growing interest in the project. With the Ripple vs. SEC showdown looming on January 15th, hopes for a positive resolution have ignited a surge in interest for the token.

Additionally, influential financial institutions worldwide like Bank of America have embraced XRP integration. There are reports of filing 83 blockchain patents for cross-border transfers.
While the onchain outlook for XRP appears bullish, it is crucial to remember that the cryptocurrency market is inherently volatile. Traders and investors should exercise caution and implement appropriate risk management strategies.