XRP has broken out of a prolonged consolidation phase between $2.70 and $3.07 with the formation of a rare Golden Cross pattern on its 8-hour chart. This bullish technical signal, occurring when the 23-session moving average crosses above the MA50, marks the first such occurrence in months. Historical data shows previous Golden Cross formations on XRP produced gains of nearly $1 within a few trading sessions.
The cryptocurrency also shows a completed head-and-shoulders reversal pattern against Ethereum, suggesting an end to its underperformance period. Key resistance sits at $3.00-$3.07, with targets at $3.30, $3.40, $3.65, and potentially $4.50 based on pattern projections. Strong support remains at $2.70, coinciding with the MA200 level.
On September 11, XRP surged nearly 2% to close near $3.05 with volume hitting 243.37M—more than 4x the daily average of 58.9M—confirming strong institutional bids. Futures open interest climbed to $8.36 billion while whale wallets accumulated 340M XRP tokens in recent weeks. However, exchange reserves reached 12-month highs, creating potential distribution pressure.
Fundamental support comes from Ripple's expanded partnership with Spanish banking giant BBVA for digital asset custody under the EU's MiCA framework, bolstering institutional legitimacy following the company's SEC victory.