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XRP Hourly Death Cross Forms Amid Market Volatility: What’s Next?
A recent market fluctuation has led to a significant event in the cryptocurrency world. As of today, March 8th, an hourly death cross has formed on the XRP chart. This development has raised concerns among investors and traders alike.
To put this into context, an hourly death cross occurs when the short-term moving average crosses below the long-term one, indicating a potential bearish reversal. In the case of XRP, this event has taken place, resulting in a dramatic shift in market sentiment.
As of the time of writing, XRP was trading at $2.31, down 1.3% over the past 24 hours. According to crypto analyst Ali, XRP is currently consolidating within a symmetrical triangle pattern on its charts. This means that there may be some level of stability around the current price point before any major breakouts occur.
However, if the breakout resolves to the upside and buyers drive the price above $3, we could see a rapid increase in value, potentially reaching as high as $3.40. Alternatively, if sellers gain control and push the price below $2.20, XRP might plummet all the way down to $1.79 or even the daily SMA 200 at $1.60.
It’s essential for investors and traders to take a closer look at these predictions and adjust their strategies accordingly.
Source: https://u.today/xrp-hourly-death-cross-forms-amid-market-volatility-whats-next
