XRP formed a golden cross, a bullish pattern that occurs when the short-term moving average (MA 50) crosses above the long-term moving average (MA 200) from below.
This pattern appeared on the two-hour chart amid renewed bullish momentum XRP at the beginning of October.
2 hours XRP/USD. Source: TradingView
From September 26th the rate XRP The exchange rate recovered steadily, breaking the $2,93 mark on October 1. Since then, it has continuously exceeded $3, but has never risen above $3,10.
According to CoinGecko, on October 5th the rate XRP rose 0,2% in 24 hours to $2,95 and maintained a 5,3% gain for the week.
Despite the fact that the XRP The pair formed a golden cross on the two-hour chart, but this doesn’t seem to be enough to generate significant growth. The relative strength index is near 50, suggesting consolidation is likely in the coming sessions.
Traders need to watch to see if the price holds. XRP above $3 and whether its price will be able to break through the resistance at $3,10. If token will rush upward, XRP may target the $3,30–$3,50 range and then reach $4.
A potential catalyst for growth could be a potential approval XRP-ETFDecisions on six applications are expected in October. Futures options XRP on CME Group may launch on October 13.