XRP Golden Cross Sparks $2 Target Amid Treasury Intervention and Short Squeeze
XRP's price has been on a tear in recent days, with several catalysts contributing to its rally. On its Bitcoin chart, XRP completed a double golden cross, a bullish signal that indicates a potential uptrend.
The golden cross occurs when the 50-day moving average rises above the 200-day moving average, and it happened on both the 3-hour and 2-hour charts for XRP/BTC. This crossover has sparked hopes of further gains, with some analysts targeting $2 as a potential price point in the coming days.
XRP's surge against Bitcoin comes after a week of strong performance, with its price rising by nearly 27% on Saturday to reach a six-month high before pulling back slightly. The rally has been driven by a combination of factors, including the Treasury's intervention in the bond market and a short squeeze in the crypto markets.
The recent price action has also been fueled by the growing adoption of XRP, with Ripple announcing its support for a new institutional credit fund that will lend RLUSD stablecoin to fintech and payments companies on the XRP Ledger. As XRP continues to gain momentum, investors are keeping a close eye on its price action, with many hoping it can break above the $1.7 level and reach its target of $2.