- XRP surged 6.93% on Friday, climbing from $1.2964 to $1.4028 before settling near $1.3863 in one of its sharpest single-day moves in weeks.
- The gap between XRP’s 50-day and 200-day EMAs on the daily chart has narrowed to its tightest since August 2024, with a golden cross potentially forming by mid-October.
- A 4-hour chart golden cross already occurred on August 21, but the gap has been closing instead of widening, casting doubt on the daily setup.
- Bitcoin‘s rebound above $80,000 and declining dominance from 64% to 59% suggest capital is rotating into altcoins like XRP.
XRP jumped 6.93% on Friday, rising from $1.2964 to $1.4028 before settling near $1.3863 in one of its sharpest single-day moves in weeks. The rally unfolded as Bitcoin clawed back above $80,000 after a stretch that included a Federal Reserve rate hike, the Senate’s rejection of the Clarity Act, and a surprise Bank of Japan rate increase.
Bitcoin’s dominance slipped from 64% to 59%, signaling traders are rotating profits into smaller tokens. XRP, created by Ripple‘s co-founders, became a primary beneficiary of that shift.
The gap between XRP’s 50-day and 200-day EMAs on the daily chart narrowed to its tightest since August 2024, with a golden cross possible by mid-October if the current pace holds. However, the 4-hour chart already produced a golden cross on August 21, but the gap has been closing instead of widening.
“A crossover that fails to hold on a shorter timeframe doesn’t guarantee the same setup confirms on the daily chart,” the report notes. XRP’s ADX at 35.2 signals a real trend, with the positive directional line above the negative one.
The RSI at 54.6 remains neutral, leaving room for further gains before overbought conditions set in. The Squeeze Momentum Indicator has flashed “on” for 11 consecutive bars, suggesting compressed volatility that typically precedes a larger move.
Traders are watching whether Bitcoin’s rebound holds to sustain the altcoin rotation, and whether XRP’s 50-day EMA can cross above its 200-day counterpart on the daily chart. Market projections on Myriad offer a venue for traders to weigh in on where XRP heads next.
A confirmed golden cross around mid-October would validate the current bounce, while failure to hold the $1.38 zone would raise odds that the breakout fizzles.
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