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XRP is back in the spotlight this week as a rare chart setup is starting to form, and talk of a possible U.S.-based ETF is bringing fresh attention to the cryptocurrency.
As of today, July 15, the 23-day moving average is close to crossing above the 200-day, which has not happened on XRP's chart in months. The lines have not crossed yet, but they are pretty close. Once they converge and the "golden cross" pattern is confirmed, it will be a change in trend strength, and it might set the tone for the next few weeks.
Last week, the XRP price hit $3.06 before dropping a bit to around $2.90. Since then, the price has stayed strong, and the token has continued to trade above all of the major moving averages. The upcoming crossover is developing near $2.37, just below current levels, and could act as a support base if the chart continues to push higher.
In the meantime, there is a lot of buzz about a U.S.-based XRP ETF in the background. People in the know say one product might be announced by July 18. While it is not confirmed, the timing is adding weight to current market activity.
The next possible breakout point is the $3.20 mark. If that level gives way, the uncharted $4 zone could come into play.
With technical and structural signals aligning, XRP's price action this week might be influenced as much by what's happening off the chart as on it.
Vladislav Sopov
U.Today Editorial Team