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$XRP, one of the leading altcoins on the cryptocurrency market, has completed a golden cross on the four-hour chart. The technical signal suggests the potential for an upside in the price outlook of the coin on the broader market.
$XRP's $1.40 resistance continues to cap gains
Notably, a golden cross forms when a short-term moving average moves above a longer one. In this case, the 50 MA crossed above the 200 MA on the four-hour chart, signaling a potential bullish setup.
Traders and market participants consider its occurrence as a positive price uptick signal. $XRP’s golden cross on the four-hour chart has come with a twist, as the asset’s performance has not aligned with this indicator.
As per CoinMarketCap data, in the last 24 hours, $XRP has declined by 3.22% to exchange hands at $1.33. The coin, which previously traded at a daily peak of $1.39, suddenly dipped in price amid broader market volatility.
Trading volume has also dropped significantly by 14.46% to $2.51 billion. $XRP, which sparked investors’ interest as it pushed for a higher price, faced rejection at $1.40 and triggered high-volume selling. Constant rejection at this level has elevated volume as sellers exit their positions.
It is worth highlighting that $XRP’s price dip is not in isolation as the broader crypto market fell by 0.84%. The leading cryptocurrency, Bitcoin, also suffered a dip and had a cascading effect on other assets in the space.
Market observers are now tracking $XRP’s movement to see if it can hold at the $1.33 support level. If the coin successfully defends this price, $XRP could retest the $1.35-$1.49 zone. If there is enough momentum and volume, it might finally breach the $1.40 resistance.
However, if the coin breaches the $1.33 support, it could trigger a downward slide to $1.28. A lot depends on how market participants engage the coin.
Institutional demand remains strong for $XRP
Despite the price volatility, institutional investors are still betting on $XRP. Last week, $XRP raked in 53% of the total $224 million in crypto funds flow. Data from CoinShares reveal that $XRP flipped Bitcoin and Solana to achieve this feat.
Meanwhile, in Asia — and in South Korea specifically — $XRP was preferred to Bitcoin by market participants. South Korea’s leading exchange, Upbit, in its rankings, showed that $XRP outperformed Bitcoin to emerge as the most traded asset by volume.