XRP, currently the fourth largest cryptocurrency by market capitalization, has recently shaken off a bearish indication on its chart, surging 6% in the last 24 hours.
A death cross happens when a short-term moving average, usually the 50 SMA, falls below a long-term moving average, typically the 200 SMA, signaling potential downward pressure. XRP recently displayed this bearish pattern on its four-hour chart, leading to a price dip to $2.02 in the hours that followed.
XRP/USD 4-Hour Chart, Courtesy: TradingView
However, XRP bulls quickly stepped in, reversing the decline. XRP surged to $2.19 in the early Tuesday session, defying bearish expectations. At the time of writing, XRP is trading at $2.15, marking a 6% increase over the last 24 hours.
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The cryptocurrency market rebounded in the early Tuesday session, with the majority of digital assets trading higher. Optimism seems to be returning to the cryptocurrency market, with modest inflows of $226 million last week, CoinShares said on March 31. Notable inflows were seen in altcoins, with XRP receiving $4.8 million.
However, traders remain cautious in the short term, but one small positive is that lower prices are attracting buyers.
What's next for XRP price?
XRP has steadily declined since March 24, marking six out of seven days in red since this date. XRP fell to lows of $2.02 on March 31 before rebounding.
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In the coming sessions, traders will be watching to see if the rebound will be sustained or be a mere dead cat bounce, which is a relief rally before the price continues its downward trend.
If the rebound is sustained, the daily SMA 50 at $2.39 remains a key level for XRP to reclaim. When this is achieved, XRP would once again target $3. On the other hand, a break below $2 might cause XRP to complete a bearish head-and-shoulders pattern. There is modest support at $1.77, but if that level is broken, XRP might fall to $1.27.
In positive XRP news, asset manager Grayscale has submitted a filing to the U.S. Securities and Exchange Commission (SEC) to receive approval to convert its Digital Large Crypto Fund, which includes XRP, into an exchange-traded fund.
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