The well-known cryptocurrency XRP is once again in the news on the cryptocurrency market, and many people are paying attention to its price behaviour. The price of XRP increased by more than 8% today, peaking at $0.75, the highest since July 2023. Although the price movement is rather remarkable, the patterns on the XRP price chart are what are truly fascinating.
The cryptocurrency was actually anticipating a possible “death cross” on its daily chart. A short-term moving average, such as the 50-day, crosses below a longer-term moving average, such as the 200-day, to produce this technical indication.
It is typically seen as a negative indication, which means that a decline in price is possible. The 50-day moving average, which had been trending down and was poised to break below the 200-day moving average, was the market’s primary focus.
Thankfully, a change in XRP’s price trend has prevented the death cross from occurring. After declining, the 50-day moving average has just begun to rise once more. This shift raises the possibility that the downward trend has been stopped, at least temporarily.
After such a robust run, with prices rising 40.5% since the start of November, this reversal in momentum is seen favourably for XRP. In addition to helping to offset the impending death cross, the recent increase in value has stoked optimism about whether this trend can continue.
