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XRP completed a golden cross pattern on its hourly chart, even as it saw short-term positive momentum.
The 50 MA crossed above the 200 MA on the hourly chart, indicating a golden cross. This comes as the XRP price rose as the market saw its strongest weekend price action in over 20 weeks.
XRP extended its price rebound from a low of $1.34 on Feb. 13 into the third day as the crypto market rose following lower-than-expected CPI data.
Sunday saw the XRP price rise as much as 13%, from $1.50 to $1.67, alongside increasing volumes. XRP's price jump follows the broader crypto market recovery as a lower-than-expected CPI reading helped boost the outlook for Federal Reserve interest rate cuts on the markets.
Various XRP metrics are currently in green. XRP trading volume rose 88% in the last 24 hours to $4.75 billion, according to CoinMarketCap. XRP open interest increased as well by 19% to $2.86 billion.
XRP and RLUSD news
In the week just concluded, RLUSD scored a new listing, with the Ripple USD stablecoin now listed on HashKey Exchange. Major crypto exchange Binance also completed the integration of RLUSD on XRP Ledger.
The CFTC announced its new Innovation Advisory Committee (IAC) to help shape regulation for emerging technologies like blockchain and AI on financial markets, which included Ripple CEO Brad Garlinghouse.
XRP price action
XRP sharply rose in a three-day surge to a high of $1.67 before it retreated. At the time of writing, XRP was trading up 4.15% in the last 24 hours to $1.52 and up 4.07% weekly.
XRP is hinting at a short-term barrier at $1.67 as it fell from here on Feb. 1, but this is yet to be confirmed.
If the price surpasses $1.67, XRP might rise next to $1.82, which coincides with the daily MA 50 ahead of the $2 level.
A rise above $2 might eye $2.38 next, which coincides with the daily MA 200. On the other hand, if XRP turns down from current levels, it might drop to $1.34 ahead of the $1.11 level, which is a critical level for the bulls to defend. XRP may then fall to $1 and subsequently to $0.80.
The daily RSI is slightly below 50, indicating a chance of sideways trading.
Vladislav Sopov
Dan Burgin