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XRP's golden cross on the four-hour chart is sparking excitement among bullish investors despite a recent price drop. This technical milestone could suggest a shift in momentum if XRP maintains support in the coming days, leaving traders watching closely.
XRP Achieves Golden Cross on Four-Hour Chart
Achieving a golden cross on its four-hour charts is a significant technical milestone for XRP.
When a 50-period moving average or other short-term moving average crosses over a 200-period moving average, it is known as a golden cross and is often taken as a bullish indication.
Bullish Signal or False Hope?
Indicating potential short-term price movement, a golden cross, particularly on a four-hour chart, is seen as a precursor to a bullish mood. But golden crosses aren't always a sure thing; other variables like trade volume, macroeconomic conditions, and general market movements typically determine whether or not they work.
The question of whether this signal may still drive a bullish turnaround is raised by the fact that XRP's price has decreased by about 5% in the last 24 hours during this technical pattern.
Market Eyes Potential for Extended Gains
In early October, XRP's four-hour chart displayed a death cross, and a few weeks later, the price dropped below $0.487. To find out if the freshly formed golden cross can lead to prolonged price gain, the market will be closely watching XRP's performance.
In spite of the golden cross pattern, XRP's price has dropped about 5% in the past day. The price of XRP has dropped 2.81 percent today, to $0.582, as of this writing.
Profit-Taking May Stall Further Gains
XRP hit a high of $0.618 on Sunday, but the price fell to $0.57 today as bulls failed to maintain the gain.
Per U.Today, those that bought XRP at a discount may be cashing in on their gains following the recent price hikes. Even when there are favorable technical indicators, the price may temporarily fall due to profit-taking.
Key Support Levels Crucial for Sustaining Bullish Momentum
Holding above key support levels may be crucial for XRP in the days to come. Indicative of the strength of the golden cross as a bullish indication would be if it keeps a stable base despite the price reduction.
