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XRP Price Death Cross Denied. Here’s What Just Happened
The cryptocurrency market has been witnessing intense price movements lately, and the recent development in XRP’s price action is of particular interest to investors. The asset’s failure to manifest a death cross signal has significantly altered the market sentiment.
For those unaware, a death cross typically indicates bearish sentiment, marked by the 50-period moving average crossing below the 200-period moving average. This phenomenon emerged on the hourly chart, prompting widespread concern among market participants anticipating further decline.
However, XRP’s recent resilience and avoidance of this pattern have shifted the focus towards consolidation and the possibility of a future breakout. The asset has demonstrated remarkable stability by hovering between its hourly 50- and 200-period moving averages near $2.20 to $2.22.
This unexpected turn of events has temporarily neutralized immediate bearish pressure, suggesting that sellers may be losing momentum. As such, traders are now keenly observing whether XRP will muster enough strength to move decisively in either direction.
An examination of the daily chart reveals a remarkable recovery after a minor dip on April 30, when XRP touched a local low near $2.124 before rebounding and reclaiming its position above the 50-day simple moving average, currently situated around $2.19. This dynamic support level has played a crucial role in recent price action.
If XRP fails to sustain its stance above this pivotal point, renewed selling pressure might trigger a downturn towards the $2.1 to $2.0 zone. A breakdown below this range could potentially expose bearish and lower support levels.
On the other hand, if the asset manages to maintain its position above the 50-day SMA, investors may target a rise toward the $2.5 to $2.65 region. In the long run, a potential objective of $3 is also plausible.
In conclusion, this unexpected turn of events has instilled confidence in investors and traders alike.
Source: https://timestabloid.com/xrp-price-death-cross-denied-heres-what-just-happened/
