XRP recently formed an hourly death cross against Bitcoin on its trading chart, suggesting a potential shift towards bearish momentum. This technical indicator occurs when XRP’s 50-hour moving average falls below its 200-hour moving average.
The immediate impact saw XRP’s price decline sharply against Bitcoin (BTC), moving from approximately 0.00002962 BTC to a low of 0.00002598 BTC within the same timeframe. In US Dollar terms, this translated to a significant 12% drop amid broader market liquidations exceeding $976 million.
Despite the bearish technical signal, XRP displayed signs of resilience by rebounding from an intraday low of roughly 0.00002517 BTC against Bitcoin. This price bounce hints at established support levels potentially arresting further decline.
Contrasting the bearish signal is notable whale accumulation. Large investors have reportedly acquired over 280 million XRP tokens within the past ten days. This significant accumulation suggests substantial institutional or large-scale investor interest in the cryptocurrency at current levels.
The near-term trajectory for XRP appears highly dependent on overall market volatility and the potential continuation of whale buying pressure. While the death cross signals caution, the presence of strong support and institutional accumulation suggests the possibility of a price recovery.