Given that XRP has been experiencing growing concern about its stagnant nature, the seventh-largest cryptocurrency is dusting itself off thanks to a rally that seems to be destined for the psychological price of $3.
Having already broken out of a 4-year symmetrical triangle, XRP is experiencing bullish momentum that has seen it hit the $0.99 level.
With XRP being a stone’s throw away from $1, the crypto community is banking on the uptrend engulfing the entire crypto market to push the altcoin to this zone.
Furthermore, Donald Trump’s pro-crypto stance is expected to ease the legal issues that have jeopardized the XRP ecosystem for at least three years, which is also bullish for the network.
XRP’s Comeback Boosted by Golden Cross
With XRP having already experienced a golden cross, where the 50-day moving average (MA) crossed above the 200-day one, this scenario is playing an instrumental role in igniting the crypto’s fire.
This is because a golden cross depicts a bullish picture based on the shift of direction from a downward movement to an uptrend, signaling heightened buying pressure.
Given that XRP is among the recently-listed altcoins by crypto-friendly trading app Robinhood, the future looks bright for altcoins since an explosive thunderstorm might be in the offing.
The demand for XRP Ledger, an open-source distributed network developed by Ripple, is also skyrocketing since 13 million XRP was recently burned.
This is bullish since XRP’s scarcity continues to increase thanks to the burning mechanism triggered by the XRP Ledger.
