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XRP ‘Death Cross’ Forms on Hourly Chart, But Price Defies Odds
A classic technical signal – a death cross – has emerged on the hourly chart of Ripple’s native cryptocurrency XRP. However, this ominous indicator is not bearing its traditional weight on market movements as the asset defies the odds and continues to rise.
The appearance of a death cross occurs when a short-term moving average (daily SMA 50) crosses below a long-term one (daily SMA 200), typically indicating potential bearish pressure. In recent days, XRP has been rising since May 31st, reaching highs of $2.28 on June 3rd before closing the Wednesday and Thursday trading sessions in the red.
After four days of ascent, XRP witnessed profit-taking following its highest levels this month, resulting in a dip to $2.06 during the Thursday session. Instead of continuing downward, XRP unexpectedly shifted course, surprising bears and staging a rebound.
Source: u.today
