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XRP has formed a death cross on the hourly chart as markets consolidate ahead of a major move.
The 50 SMA on the hourly chart has fallen below the MA 200, indicating a "death cross." At the time of writing, XRP was up 0.78% in the last 24 hours to $1.34 and up 1.52% weekly.
The market is seeing mixed trading action on Tuesday, with a handful of crypto assets trading in red, while some traded in green.
Trading volumes slightly rose for major cryptocurrencies, including XRP, increasing 34% in the last 24 hours to $3.44 billion.
XRP broadly stayed in sideways trading between $1.11 and $1.67 since the start of February, indicating a tough battle between the bulls and the bears.
Buyers might need to close above $1.67, which is the resistance of the current range to gain control. If this is done, XRP may rally to the 50-day SMA at $1.61 and, after that, to $1.70.
On the other hand, if the XRP price turns down from current levels, it might indicate that the sideways trading may continue further. The bears might return to the driver’s seat on a close below $1.11, which clears the path for a drop to $1.
Altcoins continue to struggle
Altcoins continue to struggle within the crypto market — even more so since the Oct. 10 event.
According to CryptoQuant, 38% of altcoins (alternative cryptocurrencies apart from Bitcoin) are near all-time lows, with the recent drop worse than the post-FTX period.
Altcoins remain at historically weak levels as the trend across the market has remained fairly negative in recent months. Since early October, total market capitalization (excluding BTC and stablecoins) has experienced a drawdown.
Currently, liquidity on the market remains thin, with investors remaining cautious. A silver lining is present in that in this type of scenario, when market conditions worsen, opportunities also begin to emerge.
Dan Burgin
Vladislav Sopov
