XRP recently experienced a significant technical event known as a death cross, which occurs when a short-term moving average, typically the 50-day moving average, falls below a longer-term moving average. This bearish indicator appeared on the XRP/BTC hourly chart, suggesting that Bitcoin was poised for short-term outperformance against XRP.
However, shortly after the bearish signal emerged, XRP bulls took action to reverse the trend. Following the appearance of the death cross, XRP found a crucial support level that marked the bottom of its price decline against Bitcoin. Subsequently, XRP started to climb, leading to a series of consecutive hour-long gains described by traders as a “god candle.”
As of the latest data, XRP had surged by 4% against Bitcoin, with the XRP/BTC pair reaching 0.00002264. In dollar terms, XRP also showcased positive momentum, increasing approximately 4% in a few hours. Over the span of 24 hours, XRP was trading at $2.50, marking an increase of nearly 5%. This performance outpaced Bitcoin, which was up only 1.18% for the day and 5.13% on a weekly basis.
The broader crypto market also saw a boost following a lower-than-expected inflation rate for September. The inflation rate was reported at 3.0%, easing concerns, and positively influencing investor sentiment. Following the release of the Consumer Price Index (CPI) report, both the cryptocurrency and equity markets registered gains.
XRP has begun to recover from a low of $2.32 recorded on Wednesday, achieving an intraday high of $2.51. Market analysts are watching key resistance levels at $2.58 and $2.79. On the downside, support levels are anticipated at $2.18 and $2.00 in case of a downturn in price.
