XRP, the sixth-largest cryptocurrency by market cap, has posted its first golden cross of the year, a technical indicator that has historically signaled the potential for an uptrend in the market. This coincides with a period of market uncertainty, during which most cryptocurrencies made gains.
XRP, the sixth-largest cryptocurrency by market cap, has posted its first golden cross of the year, a technical indicator that has historically signaled the potential for an uptrend in the market. This coincides with a period of market uncertainty, during which most cryptocurrencies made gains.
A golden cross occurs when a short-term moving average, such as the 50-day moving average, crosses above a longer-term moving average, such as the 200-day moving average. This indicator is widely considered by traders and analysts as a potential signal indicating the emergence of a long-term bull market.
XRP’s recent price action has been a battleground for bulls and bears, with the token’s value seeing significant fluctuations. The formation of the golden cross has brought a ray of hope to investors, suggesting that a change in momentum could be on the horizon.
For XRP, the golden cross is more than just a technical fact; represents resilience. Despite the current market decline, XRP has reached a level that many in the community see as an indication of imminent growth.
The golden cross is a positive indicator, but it does not guarantee future performance. However, for many, the golden cross is a ray of optimism, implying that XRP may see more positive momentum in the coming days.
XRP Price Action
After a rapid rise, XRP fell from $0.74 on March 12, showing that the bears are firmly defending the level.
The bulls tried to turn $0.67 into support, but the bears had different intentions. They proceeded to sell, which brought the price back below $0.67.
Sales increased further as XRP fell to a low of $0.618 on March 17 before recovering. At the time of writing, XRP had risen 0.01% in the previous 24 hours, reaching $0.61.
By all indications, XRP may consolidate in a wide range between $0.50 and $0.74 for some time before its next big rally. A break and close above $0.74 will mark the beginning of a new rally towards $1.
