Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
XRP has completed a short-term golden cross against Bitcoin. The bullish signal, which occurs when the short-term MA (the MA 50) crosses above the long-term moving average (MA 200), has appeared on XRP's short-term charts — the 45-minute chart specifically.
This comes as XRP outperformed Bitcoin in gains in the last 24 hours; while XRP was up 6%, Bitcoin rose 4% in the same time frame.
Incidentally, a golden cross has just appeared on the 45-minute chart of the XRPUSD chart, hinting at short-term positive momentum.
At press time, XRP was trading at $2.45, having reached an intraday high of $2.48, extending its recovery into the third day from a low of $2.19 on Oct. 17.
Regaining the $3 level remains the next technical milestone for XRP; however, the road might not be smooth, with barriers in the way. Two key resistance levels remain en route to the $3 level, which are $2.58 and $2.82. A breach above these levels might cause XRP to retest $3 once again.
$1 billion transaction creates largest public XRP treasury company
Evernorth, a newly formed Nevada corporation, has announced its public launch with a $1 billion fund drawn from SBI, Ripple, Rippleworks, Pantera Capital, Kraken and GSR, with participation from Ripple cofounder Chris Larsen, becoming the largest public XRP treasury company.
Evernorth will provide investors with exposure to XRP through a publicly listed vehicle and also deploy resources for the advancement of the XRPL ecosystem. The company will also seek DeFi integration, which will leverage Ripple's RLUSD stablecoin as an on-ramp into XRP-based decentralized finance.
Ripple Chairman Chris Larsen highlights the milestone as that which bridges XRP to the capital market, while noting a $50 million investment: "Congrats the evernorthxrp team on today’s launch. Evernorth provides the missing link today on XRP capital markets, and XRP usage in DeFi products. I’m proud to invest 50 million XRP in the firm (you may see some wallet movement on this)."
Dan Burgin
Vladislav Sopov
U.Today Editorial Team