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XRP has completed a golden cross on its two-hour chart. The 200 SMA on the two-hour chart has fallen below the 50 MA, producing a golden cross. This signal comes at an unexpected time in the market with most cryptocurrencies, including XRP, trading in the red.
At the time of writing, XRP was trading down 0.80% in the last 24 hours to $1.35 and down 1.36% weekly. This follows a broader drop in the crypto market with $172 million liquidated in the last 24 hours.
A lower-than-expected jobs report in the past week increased concerns about the economy, with traders looking ahead to the possibility of interest rate cuts at a Federal Reserve meeting later this month. Saturday's drop comes on the heels of a stronger dollar index, with most assets paired with the dollar falling.
Price action in the crypto market has largely been driven by macro narratives rather than new catalysts, causing uncertainty with traders now focusing on key support and resistance levels amid sideways trading in the market.
XRP price to rebound?
XRP is seeing quiet trade on Sunday with its volume dropping 36% in the last 24 hours to 1.32 billion, according to CoinMarketCap data.
Traders appear to be on the defensive as XRP's price drop since March 4 is entering its fourth day. XRP briefly rose to $1.37 on Sunday, before falling to $1.34 at press time.
Traders are watching whether $1.34 holds as a support, as a rebound could target the next price levels near $1.36 and $1.37 and potentially $1.40, while a break lower may open the door to deeper support around $1.30 to $1.32.
It will be watched if positive potential might arise in the short term from the recently completed golden cross on the two-hour chart, but it is more likely XRP follows the direction of the market, which will also be watched.
Institutional flows remain mixed, with XRP-linked investment products seeing outflows while derivatives activity declined slightly. XRP ETFs saw outflows of $16.62 million on March 6. This suggests reduced speculative participation as the market digests recent volatility.
Dan Burgin
Vladislav Sopov
