The biggest downturn in the market is expected in 2024, but right now, XRP’s possibly game-changing “golden cross” technical configuration is the main attraction. Recent price action, however, raises the possibility that this bullish signal may be rejected, raising doubts about XRP’s short-term outlook.
Long-term bullish momentum is usually indicated by the golden cross, a technical event where a shorter-term moving average crosses over a longer-term one. The 50-day moving average (MA) for XRP is almost likely to cross the 200-day MA, a sign of a bullish trend. However, there is concern that the golden cross could not reach its full potential if the price lingers around this crucial turning point.
Looking at the price chart, we can see that XRP has local support around about $0.58, which is in line with the 100-day MA. For now, this support has held after being put to the test, giving optimistic traders some hope. The barrier above, though, comes around $0.63, where selling pressure has recently resisted attempts to rise. The predicted golden cross could not hold if the price is unable to stabilise and go past this resistance level.
The price of XRP has demonstrated susceptibility to larger market drops and investor mood, which has increased uncertainty. A combination of macroeconomic and industry-specific news are influencing the current market dynamics, which create a difficult atmosphere for XRP’s potential golden cross to completely materialise.
Bulls need to successfully push XRP above these crucial MAs and immediate resistance levels in order to maintain the golden cross. If this isn’t done, it can not only negate the golden cross but also set off a bearish pattern called a “death cross,” in which the short-term moving average crosses the long-term MA, indicating that more drops may be ahead.
