XRP Completes Short-Term Golden Cross, but Is It Enough?

$XRP has completed a golden cross, a bullish pattern that occurs when a short-term MA (the MA 50) crosses above a long-term moving average (the MA 200).

This pattern has recently appeared on a short-term chart, in particular the two-hour chart, and comes as $XRP sees renewed bullish momentum at October's start.

$XRP has steadily rebounded since Sept. 26, surpassing the $2.93 barrier since Oct. 1. The rally has surpassed $3 consecutively since this date, but has not been able to progress beyond $3.10.

At the time of writing, $XRP was up 0.84% in the last 24 hours to $2.99 and up 7.02% weekly, according to CoinMarketCap.

Is it enough?

While $XRP has formed a golden cross on its two-hour chart, this seems not enough as its price remains locked in a range between $2.94 and $3.10. The RSI, a momentum indicator, is near the 50 midpoint, indicating the likelihood of consolidation in the coming sessions.

Going forward, it will be watched if $XRP can sustainably hold above $3 to seek a break above $3.10. If this occurs, $XRP might aim next for the $3.30-$3.50 range, with a further breakout reaching $4.

Upcoming catalysts for Q4 include a potential $XRP ETF approval and advancements for $XRP and $XRP Ledger.

Six $XRP ETF filings carry October decision windows that traders regard as "binary" events for Q4 price action. Options on $XRP futures on CME Group might launch Oct. 13.

XRPL’s native lending protocol is anticipated to be released in XRPL version 3.0.0 later this year. Zero-knowledge proofs (ZKPs) are in development on $XRP Ledger to balance privacy, compliance and scalability.