Will XRP’s Golden Cross help in clearing the $1.2 barrier?

XRP’s price has witnessed its volatility dry up over the past several weeks as the sell-off continued. It has been on a downward trajectory since hitting a 3-month high on the 15th of August. Since then, it could not get back up there. Over the past week, XRP’s losses totaled 9.24%. The price action has been choppy as signs of recovery were invalidated after sellers took over the market. While the short-term trend looked less optimistic, the long-term picture signaled recovery hints.

XRP was down by 1.05% over the past 24-hours and is currently being traded at $1.12. At the time of writing, the digital asset recorded a market cap of $52.57 billion and a 24-hour trading volume of $3.92 billion.

XRP Daily Price Chart:

As a result of multiple lower highs, XRP’s price formed a descending triangle formation, a breakout from appears to be in bears’ favour. The moving averages, on the other hand, depicted a promising picture. The 50 DMA [Pink] was currently undergoing a golden cross with the 200 DMA [Yellow], which can potentially invalidate the bearish cues and make a reversal towards the upside.

The low volume might be a threat to XRP’s price action in the near term.

The red closing lines of the Awesome Oscillator [AO] aligned with a weakening bearish trend while the Chaikin Money Flow [CMF] depicted that the coin market has hit a major slump in terms of capital inflow as XRP oscillated between the trendlines of the pattern.

The daily Relative Strength Index [RSI], however, has managed to hold its position above the 50-median line indicating that despite the struggle, buyers have the upper hand. The supportive belt of $1.08-level has shown its importance after being tested three times. A breach from this would bring other support levels of $0.8 and $0.52 at play.

In case of a reversal, the crypto-asset stands a chance to climb above $1.2 and target $1.58 and $1.83 resistance levels.

Chayanika Deka: Chayanika is a full-time journalist at TronWeekly with over two years of experience. A graduate in Political Science and Journalism, she focuses on the political and financial impact of cryptocurrency and blockchain developments.