The XRP price has been on a tear over the past few weeks, consolidating its position as the third-largest cryptocurrency by market cap. According to data from CoinGecko, the altcoin is one of the top gainers amongst the large-cap assets, with its value up by double digits in the last seven days.
Interestingly, the XRP price seems to only be at the beginning of what looks like an even broader upward trend. This positive setup is even more supported by rapidly improving fundamentals of cryptocurrencies globally, but especially in the United States.
Why XRP Surged 630% And 54% In Its Last Two Major Rallies
In an August 8 post on X, prominent crypto analyst Ali Martinez painted an exciting bullish picture for the XRP price. According to the online pundit, the latest on-chain indications are that the XRP token is about to embark on an extended bullish rally over the next few months.
This positive projection revolves around unique movements of the MVRV (Market Value to Realized Value) Ratio, which assesses whether a cryptocurrency (XRP, in this case) is overvalued or not. Martinez noted that the altcoin could be back on its bullish tracks following a golden cross between the MVRV ratio and its 200-day simple moving average (SMA).
Typically, a golden cross refers to a bullish signal in technical analysis where a short-term moving average (MVRV ratio) crosses from below a long-term moving average (200-day moving average). What’s more interesting is the performance of XRP price the last two times this golden cross occurred.
Source: @ali_charts on X
According to the latest on-chain data, the last two times the MVRV ratio flashed this golden cross, the price of XRP surged by 630% and 54%, respectively. If history is anything to go by, the reappearance of this signal could open the doors to an extended rally for the third-largest cryptocurrency.
There is no question that the improving climate for cryptocurrencies in the United States could provide an enabling environment to sustain a significant bull run for the XRP token. Moreover, the shout of an altcoin season beginning further gives credence to the potential of XRP’s price witnessing exponential growth in the next few months.
XRP Price At A Glance
As of this writing, the value of XRP stands at around $3.31, with a 0.7% decline in the past 24 hours. This past day’s action is not a strong reflection of the altcoin’s performance on the weekly timeframe. According to data from CoinGecko, the XRP price jumped by more than 10% to reclaim the $3 mark over the past week.
The price of XRP on the daily timeframe | Source: XRPUSDT chart on TradingView
Featured image from Pexels, chart from TradingView
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