XRP Forms Hourly Death Cross Against Bitcoin Amid Market Sell-Off, Potential Rebound Signals Observed
Main Idea
XRP's hourly death cross against Bitcoin indicates potential bearish momentum amid market sell-offs, but whale accumulation and strong support levels suggest possible recovery.
Key Points
1. XRP's hourly death cross (50-hour MA below 200-hour MA) signals potential bearish momentum against Bitcoin.
2. XRP's price dropped sharply from 0.00002962 BTC to 0.00002598 BTC, with a 12% decline in USD value amid market liquidations exceeding $976 million.
3. Despite bearish signals, XRP showed resilience by rebounding from a low of 0.00002517 BTC, hinting at possible support.
4. Whale accumulation of over 280 million XRP tokens in the past ten days suggests institutional interest and potential price recovery.
5. Market volatility and institutional buying will likely dictate XRP's near-term trajectory.
Description
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