XRP Forms Death Cross Against Bitcoin: What Lies Ahead?
The post XRP Forms Death Cross Against Bitcoin: What Lies Ahead? appeared on BitcoinEthereumNews.com. XRP, the third-largest cryptocurrency by market capitalization, has created a “death cross” against Bitcoin on the hourly chart, a technical pattern that implies downward momentum ahead. This comes as the broader cryptocurrency market experienced selling pressure at the close of Wednesday trading, resulting in liquidations worth more than $976 million, according to CoinGlass data. The death cross observed on the XRP/BTC hourly chart occurred when the 50-hour moving average fell below the 200-hour moving average. XRP/BTC Hourly Chart, Courtesy: TradingView While hourly signals do not have the same weight as daily or weekly indicators, they can serve as early warning signs of trend reversal in the current direction — in this case, a potential decline in XRP’s relative strength against Bitcoin. You Might Also Like On Wednesday, XRP fell sharply against Bitcoin, continuing its decline from Tuesday, dropping from 0.00002962 to 0.00002598 in a flash. This comes as the XRP price declined roughly 12% from $3.55 to $3.05 during the Wednesday trading session. At press time, XRP was still down 2.31% in the previous 24 hours, trading at $3.21. Recovery imminent? On July 6, XRP reversed a downtrend against Bitcoin and began to trend upwards, with a 12-day rise lasting until July 17. It reached 0.00003070 subsequently before encountering resistance. After falling to a low of 0.00002517 in the early Thursday session, the price rebounded quickly, confirming support at this level. You Might Also Like The recent drop could be a shakeout and not indicate a reversal until clearer signals emerge. Following yesterday’s sharp drop, XRP sharply rebounded from a low of $2.96, showing signs of a potential bullish reversal. High trading volumes imply institutional buying as prices entered oversold territory. According to Ali, a crypto analyst, whales bought over 280 million XRP in the past 10 days. Source: https://u.today/xrp-forms-death-cross-against-bitcoin-what-lies-ahead
The post XRP Forms Death Cross Against Bitcoin: What Lies Ahead? appeared on BitcoinEthereumNews.com.
XRP, the third-largest cryptocurrency by market capitalization, has created a “death cross” against Bitcoin on the hourly chart, a technical pattern that implies downward momentum ahead. This comes as the broader cryptocurrency market experienced selling pressure at the close of Wednesday trading, resulting in liquidations worth more than $976 million, according to CoinGlass data. The death cross observed on the XRP/BTC hourly chart occurred when the 50-hour moving average fell below the 200-hour moving average. XRP/BTC Hourly Chart, Courtesy: TradingView While hourly signals do not have the same weight as daily or weekly indicators, they can serve as early warning signs of trend reversal in the current direction — in this case, a potential decline in XRP’s relative strength against Bitcoin. You Might Also Like On Wednesday, XRP fell sharply against Bitcoin, continuing its decline from Tuesday, dropping from 0.00002962 to 0.00002598 in a flash. This comes as the XRP price declined roughly 12% from $3.55 to $3.05 during the Wednesday trading session. At press time, XRP was still down 2.31% in the previous 24 hours, trading at $3.21. Recovery imminent? On July 6, XRP reversed a downtrend against Bitcoin and began to trend upwards, with a 12-day rise lasting until July 17. It reached 0.00003070 subsequently before encountering resistance. After falling to a low of 0.00002517 in the early Thursday session, the price rebounded quickly, confirming support at this level. You Might Also Like The recent drop could be a shakeout and not indicate a reversal until clearer signals emerge. Following yesterday’s sharp drop, XRP sharply rebounded from a low of $2.96, showing signs of a potential bullish reversal. High trading volumes imply institutional buying as prices entered oversold territory. According to Ali, a crypto analyst, whales bought over 280 million XRP in the past 10 days. Source: https://u.today/xrp-forms-death-cross-against-bitcoin-what-lies-ahead
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