- XRP observed a golden cross on the daily chart.
- The alt witnessed a surge in social dominance and the MVRV Ratio
The persistent efforts by bulls to snap $0.38 within the past three months had XRP regaining crucial support zones within the previous three weeks. Favorable SEC-Ripple updates toward September-end welcomed a massive rally that saw the remittance token rallying past the limits of the Exponential Moving Averages.
Meanwhile, the bullish bounce back formed an optimistic formation on the daily chart. An unrelenting crossover by the 20-200 Exponential Moving Average might allow the alternative token to extend its bullish run during the upcoming sessions. While publishing this blog, XRP changed hands near $0.4887.
XRP Witnessed Golden Cross: Continued Growth?
XRP presented mixed sentiments as it consolidated within the $0.3 – $0.38 zone for about three months. That came amid uncertainties due to the ongoing law battle. Meanwhile, the latest buying momentum saw XRP eventually sustaining its actions beyond the daily 20-50-200 Exponential Moving Average.
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The alternative token saw a bullish pennant setup as buyers triggered an anticipated breakout within the previous week. The expected break saw the 200 Exponential Moving Average display rebounding inclinations.
Another bounce back from the 200 Exponential Moving Average might open the gates for a short-term rally. That would see buyers targeting a $0.53 retest in the upcoming sessions. A closing beyond this mark would propel the alt to test the resistance range at $0.56 – $0.58.
Nevertheless, a dip beneath the 200 Exponential Moving Average can renew selling momentum. Such developments would see the token securing initial massive support at $0.44 before the 50-Exponential Moving Average.
Increased Social Dominance and MVRV
XRP’s 30d MVRV Ratio maintained a persistent inclination since August’s late sessions. Consequently, mid-September sessions saw it turning positive. Data by om Santiment indicated a fascinating correlation of increased social dominance whenever the MVRV turned positive. That had the price action on a brief upside.
Meantime, XRP’s uptick past the 20-50-200 Exponential Moving Average confirmed surged buying momentum. A closing beneath the 20-200 Exponential Moving Average would suggest a possible bullish invalidation. Either way, triggers & targets would stay as discussed. Lastly, traders should consider Bitcoin’s action for profitable moves.