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XRP has recently created a double golden cross, with this signal appearing on two of its short-term charts.
XRP has completed golden crosses on its three-hour and four-hour charts, a bullish signal that occurs when the short-term moving average — usually the 50 MA —crosses above the long-term moving average, the 200 MA.
The bullish signal comes as XRP sees its highest level of retail FUD in six months. On-chain analytics platform Santiment noted that there have been more bearish comments than bullish for two of the past three days for XRP, which is generally a promising buy signal, given that markets move opposite to small trader expectations.
As the XRP community shows growing impatience, such FUD might be a good sign of a potential breakout, according to Santiment.
At press time, XRP was trading slightly down over the last 24 hours at $2.97, but up 5% weekly. Since it rose to a high of $3.10 on Oct. 2, XRP has fluctuated between $2.94 and $3.10. A break in either direction might determine the next move.
According to Ali, a crypto analyst, XRP faces a major test at $3.15, with a breakout above here triggering a potential rally to $3.60.
Key developments awaited
Yesterday, CME Group issued a countdown for upcoming options on XRP futures, noting a week more to go.
CME Group's CFTC-regulated options on XRP futures are anticipated to launch on Oct. 13. This follows over $59 billion in combined XRP and Solana futures volume.
Despite the current U.S. government shutdown, potential XRP ETF approvals are still awaited.
The SEC is expected to rule on the Grayscale XRP ETF (Oct. 18), 21Shares core XRP Trust ETF (Oct. 19), Bitwise XRP ETF (Oct. 22), Canary Capital XRP ETF (Oct. 23), WisdomTree XRP ETF (Oct. 24) and CoinShares XRP ETF (Oct. 23).
Market reaction to Fed policy signals will also be watched, as a rate cut in October could boost inflows across risk assets, which is beneficial for cryptocurrencies.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team