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.