XRP Completes Golden Cross Against Bitcoin, Surges Over 8%

XRP's price surged over 8% as it completed a short-term golden cross against Bitcoin, according to data from Bitget. This momentum signal reversed the pair's mid-June downtrend and marked a fourth consecutive day of gains for XRP.

The altcoin climbed from a low of $1.02 on July 1, reaching around $1.14 at the time of writing. This rebound followed a punishing stretch that dragged XRP to its 19-month low of $1.01 on June 25.

On-chain data shows XRP's 30-day and 365-day MVRV fell to roughly -45% and -47%, indicating extreme fear among both short- and long-term holders. However, contrarian traders interpreted this as an oversold condition, leading to a relief rally over the past seven days.

Derivatives positioning tells a more cautious story, with open-interest data showing XRP's price grinding higher even as open interest declines. Analysts note that the current uptrend appears driven by short covering, bearish traders closing positions and unwinding leverage, rather than new spot demand.