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XRP has completed a golden cross, a bullish pattern that occurs when a short-term MA (the MA 50) crosses above a long-term moving average (the MA 200).
This pattern has recently appeared on a short-term chart, in particular the two-hour chart, and comes as XRP sees renewed bullish momentum at October's start.
XRP has steadily rebounded since Sept. 26, surpassing the $2.93 barrier since Oct. 1. The rally has surpassed $3 consecutively since this date, but has not been able to progress beyond $3.10.
At the time of writing, XRP was up 0.84% in the last 24 hours to $2.99 and up 7.02% weekly, according to CoinMarketCap.
Is it enough?
While XRP has formed a golden cross on its two-hour chart, this seems not enough as its price remains locked in a range between $2.94 and $3.10. The RSI, a momentum indicator, is near the 50 midpoint, indicating the likelihood of consolidation in the coming sessions.
Going forward, it will be watched if XRP can sustainably hold above $3 to seek a break above $3.10. If this occurs, XRP might aim next for the $3.30-$3.50 range, with a further breakout reaching $4.
Upcoming catalysts for Q4 include a potential XRP ETF approval and advancements for XRP and XRP Ledger.
Six XRP ETF filings carry October decision windows that traders regard as "binary" events for Q4 price action. Options on XRP futures on CME Group might launch Oct. 13.
XRPL’s native lending protocol is anticipated to be released in XRPL version 3.0.0 later this year. Zero-knowledge proofs (ZKPs) are in development on XRP Ledger to balance privacy, compliance and scalability.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team