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XRP(XRP) surged as much as 14.21% to $1.40, closing above two key moving averages for the first time since its August death cross formed.
Key Points:
- XRP gained as much as 14.21% in 24 hours and 40.06% over the past week.
- The daily candle closed above the 50-day and 200-day EMAs, but the death cross itself has not reversed.
- Resistance sits at $1.43 and $1.60, while momentum indicators show a stretched rally.
XRP Breakout
Decrypt reported Aug. 21 that XRP opened Friday at $1.2681, reached $1.43 and traded near $1.40, leaving the daily candle up 10.52%. The broader 24-hour gain made XRP the strongest performer among the 10 largest cryptocurrencies by market value.
The move outpaced Bitcoin(BTC), up 7.44%, and <a href="https://xpertsstudio.com/ethereum-at-2300-xrp-rallies-and-the-moonberg-crypto-presale-explodes/” title=”Ethereum at $2,300, XRP Rallies, and The Moonberg Crypto Presale Explodes”>Ethereum(ETH), up 4.50%. Bitcoin traded above $77,000 after reaching an intraday high of $79,000 during a short squeeze that lifted the wider crypto market.
Friday’s close carried more technical weight because XRP finished above both its 50-day and 200-day exponential moving averages for the first time since the bearish crossover formed. The 50-day EMA remains below the 200-day line, so traders have not yet received a confirming golden cross.
Bitcoin Liquidity
XRP’s breakout followed the same rally that pushed Bitcoin higher after the U.S. Treasury announced larger long-dated bond buybacks beginning Sept. 9. The backdrop also included a $275 million bond sale linked to Ripple and new SEC crypto exemption rules.
Momentum indicators support the breakout but show that the move is stretched. XRP’s Relative Strength Index reached 83.5, above the 70 threshold for overbought conditions, while the Average Directional Index stood at 32.4, above the 25 level used to confirm trend strength.
The Squeeze Momentum Indicator has switched off, signaling that the earlier volatility compression has broken. Resistance sits at $1.43 and then $1.60, while support is near $1.34, followed by $1.0754 to $1.0965 and a deeper floor at $0.9862.
The next scheduled catalysts are the Treasury’s expanded buybacks on Sept. 9 and the Senate’s expected return to the Clarity Act on Sept. 15. Earlier in August, XRP repeatedly stalled beneath the death-cross averages, making this week’s 40.06% advance and first close above both lines a clear break from that pattern.
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Source: yellow.com