Ripple’s native token, XRP, is on the cusp of forming a golden cross on the daily chart, with the 200-day moving average and 50-day moving average about to converge. Particularly, this formation often forms when a long-term moving average crosses below a short-term one, indicating a potential bullish reversal is imminent in the near term.
XRP to Form a Golden Cross: What’s Next?
According to TradingView’s data, the 200-day MA is currently at $0.5467, while the 50-day MA is posted around the $0.5463 threshold. Should this crossover come into play, market analysts forecast that XRP could witness its value challenge the $0.60 mark by the end of the week.
A breakthrough above this zone could further accelerate the asset’s price, potentially challenging the $0.6434 barrier that was last reached on August 7. Despite these positive parameters, the XRP token has been on a long-term bearish cycle, struggling to break above the bearish trendline as shown in the chart.
Consequently, monitoring the upcoming price action is crucial, as any significant rebound could be hindered by the token’s recent strong resistance and selling pressure. If this scenario occurs, Ripple may watch its first support level around moving averages in the $0.54 zone.
A breach below this level could further pull XRP’s value toward the $0.50 psychological support level, with the potential for further downside movement if selling pressure continues to dominate the market.
Ripple Price Action
As of press time, Ripple’s value had reached $0.5782, a 0.83% increase from the previous day’s price. With a circulating supply of over 56 billion tokens, its intraday market cap also soared to $32 billion, solidifying its position as the seventh largest asset in the crypto market rankings.
Not to be outdone, XRP’s 24-hour trading volume surged massively by over 92.90% to the $1.12 billion mark, implying a robust interest in the asset’s trading activity. Meanwhile, the global crypto market paints a different picture as it experiences negative price action, with a 1.73% dip in the last 24 hours.
Its market cap now stands at $2.08 trillion. Following this dip, top cryptocurrencies like Bitcoin and Ethereum have also experienced price declines, with BTC plummeting 2.59% to $58.582K and ETH falling 3.23% to $2.586K.
Also Read: EU Merchants Accept Ripple Payments; Buy Gold & More With XRP
Source: https://www.cryptonewsz.com/ripple-near-golden-crossover-can-xrp-breach/