XRP on the Brink: Is a Death Cross Signalling Doom or a Bullish Reversal? XRP, the third-largest cryptocurrency by market capitalization, has recently triggered a significant technical alert. An ominous "death cross" formed on its hourly chart against Bitcoin, typically signaling potential downward momentum. This pattern emerged as the broader cryptocurrency market faced intense selling pressure, leading to over $976 million in liquidations. XRP experienced a sharp 12% decline against the dollar and a notable drop in its strength relative to Bitcoin. While hourly indicators offer early warnings, they don't hold the same definitive weight as daily or weekly signals. However, XRP has already demonstrated impressive resilience, hinting at a more complex narrative. Following its sharp fall, the price rebounded quickly, confirming a crucial support level. This rapid recovery suggests the recent downturn might be a "shakeout" rather than a lasting reversal. High trading volumes during the rebound strongly imply institutional buying, as prices entered oversold territory. Crypto analysts like Ali confirm massive whale activity, with over 280 million XRP bought by large holders in just the past ten days. This substantial accumulation could signify a strategic positioning by major players, anticipating a recovery. Despite the hourly "death cross," these bullish indicators paint a picture of potential resurgence for XRP. Is XRP truly on the brink of a major downtrend, or is it merely consolidating before its next powerful ascent?
Summary: XRP Forms Death Cross Against Bitcoin: What Lies Ahead?
Published: 3 months ago
Based on article from U.Today
