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$XRP formed a death cross — which occurs when a short-term moving average, usually the 50 MA, falls below the longer term MA — on its Bitcoin pair. This bearish signal appeared early on the $XRP/$BTC hourly chart, indicating Bitcoin's short-term outperformance against $XRP.
However, as soon as the bearish signal appeared on the hourly chart, bulls had other plans, flipping the script.
The $XRP price, which had hitherto declined against Bitcoin, found a bottom that coincided exactly with the death cross and started rising. This resulted in a long streak of green hourly candles, with $XRP surging against Bitcoin in the last hour to print a sort of "god candle."
At press time, $XRP was up 4% against Bitcoin, with the $XRP/$BTC pair going for 0.00002264.
$XRP jumps 5%
$XRP showed positive momentum in its USD pairing, rising about 4% in a matter of hours. $XRP is currently trading up nearly 5% in the last 24 hours to $2.50 and up 9.87% weekly.
This gain surpasses Bitcoin, which was up 1.18% daily and 5.13% higher on a weekly basis.
The crypto market received a positive boost after September Inflation came in lower than expected. The inflation rate hit 3.0% in September, lower than expected, the long-awaited Consumer Price Index (CPI) report shows.
The crypto market, alongside equities, added to its gains following the release. $XRP extended its recovery from Wednesday's low of $2.32 into the second day, reaching an intraday high of $2.51. The next resistance levels for $XRP remain at $2.58 and $2.79. Support is expected at $2.18 and $2 in the event of a bearish price reversal.