XRP Outperforms Broader Market, Reclaims $0.6 Level After Forming Golden Cross Pattern

XRP, the controversial Ripple-affiliated cryptocurrency, is outperforming the broader market once again.

.6 Level After Forming Golden Cross Pattern" >

Ripple-affiliated cryptocurrency XRP is outperforming the broader market once again, adding 6.16% over the past 24 hours and ranking as the second best performer in the top 100 (behind only Aave's AAVE token).

According to data provided by CoinMarketCap, XRP is now trading at $0.603, having added 2.3% over the past hour alone. This marks a significant gain from the lows of $0.43 that XRP was trading at on the Binance exchange during the all-out crypto crash in early August.

After bottoming out on Aug. 5, XRP has now added 41% to its price. The token experienced a substantial price rally after a summary judgment was issued in the closely watched SEC v. Ripple case.

The token experienced a price rally of roughly 27% on Aug. 7, but some analysts predicted that this rally would be short-lived. By Aug. 11, the XRP price had retraced back to the $0.54 level, losing as much as 15%.

Now, it remains to be seen whether XRP's renewed momentum can actually be sustained by the bulls.

As reported by U.Today, XRP formed the golden cross pattern, meaning that the token's short-term moving average has now crossed a long-term one. This bullish pattern shows that the cryptocurrency is experiencing strong bullish momentum. However, it is worth mentioning that it tends to be a lagging indicator.

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