XRP Breaks Above Moving Averages Amid Bitcoin Short Squeeze

XRP experienced a significant price surge on August 21, jumping 14.21% in 24 hours to $1.40.

This move allowed XRP to close above both its 50-day and 200-day exponential moving averages for the first time since the death cross formed earlier in August.

The rally was largely driven by a Bitcoin short squeeze, which saw more than $3 billion in short positions liquidated across all assets in five days.

However, it's essential to note that the death cross is still technically in place, as the 50-day EMA remains below the 200-day EMA.

Historical data suggests that XRP has reclaimed both averages and then failed to sustain the breakout at least three times since 2021.