XRP Breaks Above $1.07 as Golden Cross Forms Against BTC

The cryptocurrency market showed signs of recovery on July 4th as XRP rallied over 8% against Bitcoin. This uptrend comes after weeks of fear and uncertainty, with most cryptocurrencies trading higher near key support levels.

According to Santiment, the recent price increase has allowed XRP to gain strength against Bitcoin, resulting in a golden cross setup on the 2-hour chart. The 2-hour 50 MA has risen above the 200 MA, indicating short-term bullish momentum.

XRP's price was stuck between $1.00 and $1.07 for several days before rising from its July 1 low of $1.02. Profitability indicators forecasted this rise, with all-time lows recorded for XRP average returns, hinting at a relief rally.

Despite the current price surge, long-term investors are still underwater, with XRP's 30-day and 365-day MVRV falling to -45% and -47%, respectively. However, this could be seen as a contrarian signal, with traders interpreting stretched losses as a buy opportunity.