XRP Shatters Death Cross Pattern as Bitcoin Short Squeeze Fuels Rally

XRP has broken free from its death cross pattern, which had been weighing on the cryptocurrency for months. The price jumped by as much as 14.21% in a single day to reach $1.40, outperforming the rest of the top 10 cryptocurrencies by market capitalization.

The move is closely tied to the ongoing Bitcoin short squeeze and the U.S. Treasury's plan to nearly double its long-bond buybacks starting September 9. The resulting liquidity wave has lifted risk assets across the board, with XRP being the biggest beneficiary.

Although the death cross lines have not yet crossed back into a golden cross, today's candle closed above both moving averages for the first time since their formation earlier this month. This is a crucial sign of momentum shifting in favor of XRP.