XRP price has created a golden cross, hinting that more gains are likely. However, setbacks are still present after BlackRock said it has no interest in filing for a spot XRP ETF, at least for now. Meanwhile, analysts remain optimistic that the price will reach $6.
XRP Price Flashes Golden Cross as Analyst Eyes Rally to $6
XRP price trades at $3.30 today, August 9, with a 0.4% gain. Another rally might be on the way after analyst Ali Charts spotted a golden cross. This crossover has happened with the MVRV, a ratio that shows whether traders are making profits or losses.
With the shorter-term MVRV going above the 200-day MVRV, there is a chance of XRP going on a steep uptrend. The reason for this is the past performance. The last time that this golden cross appeared, the price soared by more than 600%.
Interestingly, this MVRV had created a death cross just last week. CoinGape reported that XRP’s MVRV death cross might signal that a breakdown is coming. However, any fears about a drop have now subsided after the recent crossover confirmed that bulls are still in control.
Another thing to note is that this golden cross has happened at the same time that another analyst says that the XRP price is going to $6. The reason for this is that he observed there is a falling wedge on the three-day chart.
The falling wedge is usually a sign of a bullish reversal being close to happening. He says that if this wedge plays out like it is expected to, it is possible that the price might get to $6. Besides, the past performance shows that XRP has completed its wedge breakout every time.
Therefore, even if XRP is showing signs of its rally being exhausted, it is possible that the price might go higher. With the MVRV golden cross, $6 might not be the stop of the rally because another 600% surge like it happened last year might happen.
Whales Accumulate Despite BlackRock Denying Plans for Spot ETF
BlackRock has denied previous reports that it might file for a spot XRP ETF. Speculation was rife that it might file for this product after the Ripple vs. SEC case ended. However, this might not be happening any time soon.
Nate Geraci clarified that BlackRock has no current plans to launch an XRP ETF, walking back his earlier statement. Still, he noted that optimism remains, as the asset manager could decide to change its position in the future. 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.”
Nevertheless, whales are not relenting. In the last 48 hours, whales have purchased more than 50 million XRP tokens. This paves the way for the XRP price to make a strong move to the upside.
Frequently Asked Questions (FAQs)
XRP could surge after creating a golden cross with the MVRV as past patterns show that the crossover is often bullish.
BlackRock has refuted reports that it is planning to file for a spot XRP ETF in the near future.
Whale accumulation will likely have a bullish impact on the XRP price as these large addresses absorb the coins that would have ended up on exchanges.
muthoni
Muthoni Mary is a seasoned crypto market analyst and writer with over three years of experience decoding blockchain trends, price movements, and market dynamics. She holds a Bachelor’s Degree in Commerce (Finance) from Kenyatta University, blending a solid academic foundation with a sharp eye for technical analysis and a deep understanding of on-chain data. Her work delivers clear, data-driven insights that empower investors to navigate the fast-evolving digital asset space with confidence. When she’s not analyzing the markets, Mary enjoys reading and travelling.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
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