XRP’s Price Rally: Golden Cross and Key Support Levels

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XRP, the sixth-largest cryptocurrency by market capitalization, has seen a remarkable 40% increase over the past week. Since hitting major support at $0.381 on July 5, XRP’s price has steadily climbed. XRP has marked eight out of nine days in green, with sharp price increases in the last 48 hours. According to on-chain analytics firm Santiment, XRP has surpassed the $0.58 barrier for the first time since the marketwide retrace on April 12, reaching a 15-week high.

Whales and sharks, holding 100,000 XRP coins, drive this rebound through increasing accumulation. Santiment highlights a noticeable turning point in supply accumulation since last August. Now, wallets with over 100,000 tokens hold 51.59 billion XRP, representing a new all-time high. This category of holders currently possesses 85% of the total supply, an 11-month high.

Golden Cross Formation Validates Bullish Run

Technically, XRP’s bullish run has been validated by the formation of a golden cross on the four-hour chart. This technical indicator often signals the potential for continued upward momentum. A golden cross occurs when a shorter-term moving average, such as the daily SMA 50, crosses above a longer-term moving average, like the daily SMA 200.

_{XRP/USD Chart, Source: TradingView}

This pattern indicates that the asset’s price could continue to rise. At the time of writing, XRP outperforms the top 10 cryptocurrencies by market capitalization. It is up 15% in the last 24 hours, trading at $0.612 after hitting intraday highs of $0.6234.

Key Support and Resistance Levels

Investors and traders closely watch key support and resistance levels to gauge the sustainability of XRP’s upward momentum. XRP has established strong support at the $0.381 and $0.403 levels. As long as the price remains above these levels, the bullish trend is likely to persist.

Resistance is anticipated at the $0.66 and $0.78 levels. If XRP breaks through these levels, it may pave the way for a move to $1.

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XRP’s recent performance, bolstered by whale and shark accumulation, and validated by the golden cross, indicates strong bullish momentum. Traders remain optimistic about XRP’s potential for further gains.