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XRP landed a double golden cross on its Bitcoin chart following a ferocious rally this week as several catalysts sent crypto assets higher. The golden cross signals were completed on XRP/BTC short-term timeframes, highlighting the recent positive momentum.
The 50 moving average (MA) rose above the 200 MA in a crossover on the 3-hour chart, completing a golden cross. The same scenario was seen on the 2-hour chart, with the 50 MA rising above the 200 MA as XRP gained ground against Bitcoin.
XRP exploded higher on its Bitcoin chart, posting four straight days of sharp increases. Saturday saw the largest spike to a six-month high, but this quickly retreated.
The recent rally against Bitcoin took XRP above key barriers that have limited its price since January, notably the daily MA 50 and 200 on the XRP/BTC chart; a continuation of this positive momentum is now being watched, with the potential of XRP reaching $2 in its USD pairing.
XRP/USD potential target hints at $2
XRP rallied ferociously this week, marking three straight days of sharp increases on the USD chart. The rally began on Wednesday following the Treasury's intervention in the bond market, easing pressure on risk assets.
That helped trigger a broader move into crypto, which was later amplified by a massive short squeeze. Investor sentiment improved further on Thursday, largely due to a last-ditch push from the White House and crypto industry leaders to get the Clarity Act across the finish line in the coming weeks.
XRP spot ETFs recorded a record day this week following the busiest on-chain trading day quarter-to-date, per analysis of data from SoSoValue.
In a recent development, Ripple is backing a new institutional credit fund that will lend RLUSD stablecoin to fintech and payments companies on the XRP Ledger, alongside lending platform Clearpool and credit manager Cicada Partners.
Saturday saw XRP stage one of its sharpest single-day rallies of the summer, with the price rising nearly 27% from $1.34 to $1.699, but this retreated.
At the time of writing, XRP had eased its gains, up 4.45% in the last 24 hours to $1.43 and up 45% weekly. A decisive break above the $1.7 level reached early Saturday will target $2 next.
U.Today Editorial Team
Dan Burgin
