XRP forms golden cross on 4H Chart as ETF optimism lifts market
Appearance of golden cross comes weeks after bearish death cross.
- Golden cross signal. XRP’s 50-MA just crossed above its longer-term MA on the four-hour chart.
XRP has created a new golden cross, albeit on short-term time frames, reflecting recent buying pressure in the crypto market.A golden cross, which occurs when a short-term moving average such as the MA 50 crosses over a long-term MA, has appeared on XRP’s four-hour chart, indicating short-term buying pressure.
- Key drivers. ETF optimism surged
XRP rose following positive triggers, including demand for XRP products and ETF optimism. In the past week, 3iQ, issuer of Canada’s XRP ETF XRPQ, reported a major milestone. XRPQ surpassed CAD 150 million for the first time in its AUM, making it the largest among its peers. The potential launch of Rex Osprey crypto ETF funds, which includes an XRP product, also spurred positive ETF expectations in the market.
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Shiba Inu netflows crash, raising sell-pressure concerns
Shiba Inu sees massive on-chain crash in metric usually considered bearish.
- Major netflow reversal. SHIB’s exchange netflows plunged over 70%, signaling a sharp drop in tokens leaving exchanges.
Recent on-chain metrics of Shiba Inu cast doubt on the sustainability of its recent price increases. The biggest change is the abrupt reversal in capital movement patterns across trading platforms, as evidenced by the sharp decline in exchange netflows of more than 70%.
- Price implication. Lower accumulation suggests holders are keeping SHIB on exchanges.
Reduced accumulation pressure is indicated by the netflow crash, which shows a sharp decline in tokens leaving exchanges. This implies instead that more SHIB might be remaining on exchanges in anticipation of liquidation. Since higher exchange balances raise the possibility of sell pressure, this is frequently viewed as bearish.
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Dogecoin faces potential death cross after 9% price drop
DOGE is leading meme coin sell-off with massive 9% drawdown and potential death cross switch.
- Sharp decline. DOGE plunged over 9%.
Dogecoin, the leading market meme coin by market cap, has seen its value drop more than 9% over the past day. With this price drawdown, a potential death cross now hangs on the horizon for DOGE, hinting at cautious sentiment among investors.
- Resistance rejection. Price faced strong rejection at $0.30 with heavy volume
The nine-day simple moving average is about to slip below the 26-day average. This is a classic setup for a death cross. The recent resistance at $0.30 has further added to the bearish pressure. The DOGE price faced rejection on good volume, and the latest red candles have had greater participation. This makes it seem like the downside was not just a coincidence.
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