XRP price forms a golden cross with MVRV, a setup that once drove 600% gains, despite BlackRock denying plans for an XRP ETF.
XRP price has formed a golden cross, suggesting that further rises are in store.
Nevertheless, BlackRock’s announcement that it has no interest in applying for a spot XRP ETF, at least not now, has caused more hurdles.
Analysts still hope the price will hit $6 in the interim.
As Analysts Predict Rally To $6, XRP Price Flashes Golden Cross
Today, August 9, XRP is trading at $3.30, up 0.4%.
Analyst Ali Charts saw a golden cross, suggesting another imminent surge.
The MVRV, which indicates whether traders are profitable or losing money, has crossed over.
XRP may experience a sharp rise if the shorter-term MVRV surpasses the 200-day MVRV.
The previous performance is the cause of this. When this golden cross was last seen, the price increased by about 600%.
Remarkably, only last week, this MVRV had produced a death cross.
According to CoinGape, XRP’s MVRV death cross could indicate an impending meltdown.
But now that the recent crossover has proved that bulls are still in control, any concerns about a dip have diminished.
It’s also worth noting that this golden cross occurred concurrently with another analyst’s prediction that the price of XRP would reach $6.
This is because he noticed that the three-day chart has a descending wedge.
The sinking wedge typically indicates that a positive reversal is imminent.
If the projected outcome of this wedge materializes, he believes, the price may reach $6.
Additionally, historical performance indicates that XRP has consistently completed its wedge breakthrough.
As a result, XRP price may rise even if it appears that its surge is coming to an end.
Given the MVRV golden cross, $6 might not be the rally’s bottom because a 600% rise similar to the one that occurred last year could occur.
Even While BlackRock Denies Plans For Spot ETF, Whales Accumulate
Previous rumors that BlackRock could apply for a spot XRP ETF have been refuted.
After the Ripple v. SEC lawsuit concluded, there was much speculation that it might file for this product.
That may not be the case anytime soon, however.
Reversing his earlier statement, Nate Geraci, President of NovaDius Wealth Management, stated that BlackRock does not intend to develop an XRP ETF.
However, he pointed out that there is still hope because the asset manager may ultimately decide to reverse its stance.
“I say,” he says.
“BlackRock immediately calls me out… Says no plans at this time to launch spot XRP (or SOL) ETF. In my opinion, this will be looked back on as a mistake. We shall see.”
Whales, however, are not giving up. Over 50 million XRP coins have been bought by whales in the past 48 hours.
This creates the conditions for a significant upward surge in the price of XRP.
