A golden cross has been confirmed for XRP on the daily chart, signaling a potential change in the long-term trend. The golden cross formed when the 50-day moving average crossed above the 200-day moving average around $1.37. However, the current price movement is concerning. XRP was in a downtrend from May to mid-August, falling from above $1.50 to around $1.00. The situation changed in August when XRP sharply broke through all key moving averages due to increased trading volume and rose to a local high of around $1.66 after testing the $1.28-$1.30 range.
Nevertheless, recent market candles show a decline in prices. XRP is forming lower highs at levels of $1.66, $1.63, and $1.58 after a failed attempt to hold above $1.60. Currently, the price has fallen back to $1.50, with the volume on recent bounce attempts decreasing compared to the August rally.
The Relative Strength Index (RSI) has retreated from the overbought zone and is currently hovering around 58, and it may continue to decline towards oversold levels. Despite the positive trend in long-term averages, the short-term momentum remains negative. Direct support is located at $1.44, and the important line below is around $1.37, where the 50-day and 200-day moving averages currently converge. A close below $1.37 would put pressure on the golden cross and potentially bring XRP closer to the $1.30 level. For a bullish trend to recover, bulls need to push the price back above $1.60 and break through resistance between $1.66 and $1.70.
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