XRP, the fourth largest cryptocurrency by market value, has seen a 5% price jump, despite a "death cross" on its hourly charts. The "death cross," typically seen as a bearish signal, occurs when a short-term moving average crosses below a long-term moving average, suggesting potential further declines.
Despite the "death cross," XRP has rebounded, up 5% in the last 24 hours. The larger crypto market experienced a significant sell-off earlier this week, with liquidations surpassing $1.4 billion in Friday's session. However, the market regained ground, with several cryptocurrencies showing signs of recovery over the weekend.
The Fed’s preferred inflation gauge came in lower than expected on Friday, which seemed to take some of the sting out of the market’s disappointment with the Fed’s interest rate announcement on Wednesday, contributing to the market's rebound.
On-chain data also suggests accumulation by large holders referred to as "whales," who have been buying up XRP during the dip. Within the last 24 hours, blockchain data tracker Whale Alert reported 99,999,977 XRP worth $222,109,105 transferred between unknown wallets. According to Ali Martinez, a crypto analyst, Whales bought 80 million XRP since the price correction began on Dec. 17.
XRP price action
After two straight days of declines, XRP dipped to lows of $1.95 in Friday's session, where the price sharply rebounded. XRP had encountered resistance at $2.72 on Dec. 17.
On the downside, $1.90 is a critical level for bulls to defend because a break below it might send XRP to the 50-day SMA at $1.59. At the time of writing, XRP was up 5.03% in the last 24 hours to $2.35, having reached intraday highs of $2.38.
Currently, the daily RSI is just above the midpoint, suggesting range-bound trading in the near term. XRP may oscillate between $1.90 and $2.72 for a little more time before a fresh move. A surge past $2.73 might kickstart a fresh uptrend targeting $3 and beyond.
In positive XRP Ledger news, the Multi-Purpose Token (MPT) on XRP Ledger has been successfully audited by Softstack GmbH with zero critical issues found. This marks an important step in ensuring robust security. XRPL’s MPT token standard enables efficient tokenization and supports diverse digital assets on a secure blockchain platform.
