XRP/XAU: Could the Next Big Move Lead to Massive Gains for XRP?
- XRP/XAUs potential 1000% increase is gaining attention as tokens value aligns with XAU.
- As XAU/USD declines, XRPs value in XAU terms is expected to rise, boosting the crypto market.
- XRPs bounce from key equilibrium levels suggests a possible breakout, reminiscent of 2017s surge.
Egrag has gained interest in the XRP/XAU trading pair through indicating that tokenmay record a 1000% increase. Whereas token market price is usually influenced by the ratio of the dollar, this new approach explained how traders would benefit from examining XRP/ XAU ratio for business potential. This particular alignment of these two assets is emerging as a major area of interest.
Bullish Indicators for XRP
The XRP/XAU price is very rarely charted and analyzed; nevertheless, based on observations made by Egrag, there is a strong potential for an increase. When the price of XAU goes down in terms of the US dollar, then the value of Ripple token in terms of XAU is expected to increase. This means that the movement of the price of coin directly correlate with the dollar resulting in possibly elevating the general rate of the cryptocurrencies.
The movements of the XRP/XAU can also be observed on the following chart, where the recent interaction with a key equilibrium level is visible. This sort of price action is not a new one seen on the 7-day Exponential Moving Average indicator usually associated with bullish sentiments. This bounce resembles a similar formation from the year 2017 where the token posted three green candles that initiated a massive surge.
Although it did not bounce as greatly as in 2017, it could be viewed as indicating an accumulation phase in the coin. This implies that the price was likely to come out with some consolidation in the market pending a breakout. This consolidation pattern could lead to another powerful move in an upward manner such as that recorded in 2017 as the market recovers to offer those willing to make their move another likelihood of an entry point.
Analyzing XRP/XAU Trends
This is the reason why the combination of the two assets in the pair is quite interesting. Thus, when XAU/USD declines, cryptocurrency will increase and the relative impact on Ripple token when priced in XAU. The pair is likely of particular interest to traders looking to make the best of shifts in price in the market.
Traders are closely monitoring certain price levels on the XRP/XAU chart and waiting for any signals of the breakout. If the cryptocurrency manages to move past the aforementioned levels, this may indicate the entrance to an upward trend that should push the price of cryptocurrency further up in the following weeks.
Read more: https://www.tronweekly.com/xrp-xau-could-the-next-big-move-lead-to-massive/
Text source: TronWeekly
