XRP technical indicators have dashed investors' hopes, as data shows that the anticipated golden cross formation is not imminent. Earlier in the week, XRP traders were excited as the assetflashed a bullish signal, but as the days wore on, it faked out, with the golden cross being invalidated.
XRP momentum slows down
Notably, a golden cross forms when the short-term moving average crosses above a long-term moving average. This signals a possible long-term trend reversal to the upside. However, with XRP, this did not occur, despite market anticipation.
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Data reveal that XRP’s death cross is now extended, with the nine-day and 21-day moving averages flashing bearish signals. This leaves the price within the $2.14 and $2.19 range, suggesting that the coin has formed resistance at the $2.20 level.
As of press time, XRP wastrading at $2.16, representing a 1.09% decline over the last 24 hours. Although XRP broke through the $2.20 resistance to hit a peak of $2.23 in earlier trading sessions, the coin lacked momentum to sustain the rally.
The coin’s trading volume is also not bullish as it has declined by 3.81% to $2.6 billion within the same time frame. For XRP to shake off its current bearish outlook, significant volume growth is required for a possible breakout above $2.20 and a subsequent rally to the $2.30 to $2.35 zone.
Should XRP investors panic over price outlook?
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Despite the bearish outlook, investors remain confident in XRP’s resilience and do not anticipate a sell-off. AsU.Today reported, over 80% of XRP holders are currently in profit and do not need to engage in panic selling.
This knowledge serves as a boost to market participants and could trigger a possible rebound move for the coin on the market. If there is increased activity, such astransaction boosts and other network upticks resulting from asset demand, XRP may experience a positive price movement.
