XRP has recently generated a new death cross on its hourly chart amidst intensified market selling pressure. This technical pattern, characterized by the short-term moving average crossing below the long-term moving average, notably the 50-hour moving average, indicates a potential shift towards bearish sentiment.
Previously, XRP had displayed a stronger upward trajectory, having risen for six consecutive days from September 6 to reach a high of $3.187 on September 13. This significant bullish momentum was marked by the formation of a golden cross on its four-hour chart, which typically suggests a continuation of upward price movements. However, with the market reacting to overbought conditions, XRP faced a decline shortly thereafter.
In the two days following this peak, the cryptocurrency stumbled, dropping from $3.187 to a low of $2.95 on September 15. Although there was a slight rebound, XRP’s struggle became evident as bearish forces pushed it below the critical $3 mark, which aligns with the daily 50-day simple moving average. This drop undermined bullish efforts to convert the $3 level into a support base.
Despite these setbacks, bulls are actively attempting to reclaim this price level. In a recent trading session, XRP managed a slight recovery, bouncing back above $3 after dipping to an intraday low of $2.96. As of the most recent updates, XRP reported a 1.11% increase in the last 24 hours, bringing its value to $3.03.
Market participants are keenly observing XRP’s momentum, especially in anticipation of the upcoming Federal Reserve interest rate decision on September 17. Should XRP succeed in maintaining its position above the $3 level and convert it into robust support, analysts suggest that it may set its sights on higher targets of $3.18, $3.38, and eventually $3.66, with a longer-term objective of reaching $4.
Additionally, positive market sentiment surrounding the impending launch of the REX-Osprey XRPR ETF later this week could further influence XRP’s price dynamics, as traders look for renewed opportunities in the cryptocurrency landscape.
