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XRP formed a golden cross on its short-term charts about a week ago. This technical indicator usually signals the potential for a price rally. Since Sept. 19, when the cross was discovered, market observers have been looking for a potential price rally for the Ripple-associated coin.
No positive XRP price action
The golden cross is formed when a short-term Moving Average (usually the 50-day MA) crosses above a long-term moving average (often the 200-day Moving Average). Per the current XRP trend, the golden cross emerged on the four-hour chart on Sept. 19.
Godfrey BenjaminConsequently, the market expected XRP to soar by a significant percentage, probably reaching as high as $1. Unfortunately, this was not the case with cryptocurrency, invalidating the potency of the golden cross.
The broader cryptocurrency industry is seeing bullish momentum, causing the price of many digital assets to spike. Bitcoin (BTC) is currently trading at $65,617.49, a 2.06% increase in the last 24 hours. Ethereum is also 1.29% higher and trading at $2,654.35.
On the contrary, XRP is in the red, trading at $0.5893. This price level corresponds with a marginally low 0.1% dip in 24 hours.
Another catalyst for XRP $1 goal
This price plunge invalidates the golden cross that the coin saw earlier. Additionally, it underscores the fact that investors have to consider other factors like sustained overall market sentiment and broader economic trends, which can impact the XRP price. This may be the catalyst for XRP to hit $1 soon.
Mushumir ButtMeanwhile, crypto tracking service Whale Alert detected an XRP whale that recently withdrew 40 million XRP from Bybit and transferred it to a private wallet. Based on the coin's price, the transfer was estimated to be worth around $23.3 million. This was after the same trading service spotted several consecutive large XRP cryptocurrency transactions.
This positive accumulation from market whales suggests major adoption might be underway.
Tomiwabold Olajide
Gamza Khanzadaev
Dan Burgin
Vladislav Sopov
U.Today Editorial Team