XRP Surges by Over 8% Forming Short-Term Golden Cross Against Bitcoin

XRP has shown signs of a sentiment shift after forming a short-term golden cross against Bitcoin. Over the past seven days, XRP has risen by more than 8 percent, climbing to $1.14 from its July 1 low of $1.02.

This rebound comes after XRP stayed in a range between $1.00 and $1.07 for several days. The move above the 50-day moving average on a 2-hour chart against Bitcoin is seen as a sign of reversing the bearish trend that has continued since mid-June.

A broader recovery in risk appetite coincided with XRP's rebound, with Santiment noting that major cryptocurrencies are no longer just watching strength in the stock market. Buyers were returning near key support levels after weeks of fear, ETF outflows, whale investors staying on the sidelines and weak sentiment.

On-chain indicators suggest the rise may not be just a technical rebound. XRP's 30-day MVRV and 365-day MVRV fell to about -45 percent and -47 percent, respectively, implying extreme fear helped create conditions for a rebound.