XRP Invalidates Bitcoin Death Cross, Bear Signal Crushed?

XRP formed a death cross — which occurs when a short-term moving average, usually the 50 MA, falls below the longer term MA — on its Bitcoin pair. This bearish signal appeared early on the XRP/BTC hourly chart, indicating Bitcoin's short-term outperformance against XRP.

However, as soon as the bearish signal appeared on the hourly chart, bulls had other plans, flipping the script.

The XRP price, which had hitherto declined against Bitcoin, found a bottom that coincided exactly with the death cross and started rising. This resulted in a long streak of green hourly candles, with XRP surging against Bitcoin in the last hour to print a sort of "god candle."

At press time, XRP was up 4% against Bitcoin, with the XRP/BTC pair going for 0.00002264.

XRP jumps 5% 

XRP showed positive momentum in its USD pairing, rising about 4% in a matter of hours. XRP is currently trading up nearly 5% in the last 24 hours to $2.50 and up 9.87% weekly.

This gain surpasses Bitcoin, which was up 1.18% daily and 5.13% higher on a weekly basis.

The crypto market received a positive boost after September Inflation came in lower than expected. The inflation rate hit 3.0% in September, lower than expected, the long-awaited Consumer Price Index (CPI) report shows.

The crypto market, alongside equities, added to its gains following the release. XRP extended its recovery from Wednesday's low of $2.32 into the second day, reaching an intraday high of $2.51. The next resistance levels for XRP remain at $2.58 and $2.79. Support is expected at $2.18 and $2 in the event of a bearish price reversal.