Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
XRP, the sixth-largest cryptocurrency by market capitalization, has posted its first golden cross of the year, a technical indicator that has historically signaled the potential for a bullish market trend. This occurrence coincides with a period of market uncertainty, during which most cryptocurrencies saw profit-taking.
A golden cross occurs when a shorter-term moving average, such as the 50-day moving average, crosses above a longer-term moving average, like the 200-day moving average. This indicator is widely regarded by traders and analysts as a potential signal that indicates a long-term bull market emerging.
XRP's recent price action has been a battleground for bulls and bears, with the token's value experiencing significant fluctuations. The formation of the golden cross has brought a glimmer of hope to investors, suggesting that a change in momentum might be on the horizon.
For XRP, the golden cross is more than simply a technical occurrence; it represents resilience. Despite the current market drop, XRP has reached a level that many in the community see as an indication of oncoming growth.
The golden cross is a positive indicator, but it does not guarantee future performance. However, for many, the golden cross is a beacon of optimism, implying that XRP may see more positive momentum in the days ahead.
XRP price action
Following a rapid rise, XRP fell from $0.74 on March 12, showing that the bears are firmly defending the level.
The bulls attempted to turn $0.67 into support, but the bears had different intentions. They proceeded to sell, bringing the price back below $0.67.
The selling increased further, as XRP fell to a low of $0.618 on March 17 before rebounding. At the time of writing, XRP was up 0.01% in the previous 24 hours, reaching $0.61.
According to all signs, XRP may consolidate in a wide range between $0.50 and $0.74 for some time before its next major rise. A break and close above $0.74 will mark the beginning of a fresh upswing toward $1.
Arman Shirinyan
Yuri Molchan
Godfrey Benjamin
