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XRP Defies Hourly Death Cross With 5% Price Jump
In a surprising turn of events, the Ripple cryptocurrency (XRP) has defied expectations by rallying 5.03% in the last 24 hours, reaching an intraday high of $2.38 and currently trading at around $2.35. This price surge comes as a shock, especially considering that XRP’s hourly chart is flashing a death cross signal.
As reported earlier, analysts were warning of a potential break below the critical level of $0.90, which could send XRP tumbling down to its 50-day Simple Moving Average (SMA) at around $1.59. However, it seems that the bulls have other plans.
At the time of writing, XRP’s daily Relative Strength Index (RSI) is hovering just above the midpoint, indicating a lack of strong momentum in either direction and suggesting range-bound trading for now. This could potentially lead to oscillation between $1.90 and $2.72 before a fresh move takes place.
Despite this brief uptick, investors should remain cautious and be prepared for potential volatility as the market navigates these uncertain times. A breakout above $2.73 could trigger a fresh uptrend targeting higher levels such as $3 and beyond.
On a positive note, XRP Ledger news has taken a significant step forward with the successful audit of the Multi-Purpose Token (MPT) on XRP Ledger by Softstack GmbH, resulting in zero critical issues found. This development is expected to strengthen the platform’s security and pave the way for robust tokenization and diverse digital assets.
This article was written by Tomiwabold Olajide
Source: u.today
