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 asset flashed 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.
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 was trading 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. As U.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 as transaction boosts and other network upticks resulting from asset demand, XRP may experience a positive price movement.
