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XRPThe fourth-largest cryptocurrency by market capitalization saw a 5% price jump, despite a “death cross” on the hourly charts. A “death cross,” usually viewed as a bearish signal, occurs when the short-term moving average crosses below the long-term moving average, indicating further potential declines.
Despite the “death cross,” XRP has rebounded by 5% in the past 24 hours. The biggest Crypto market The company saw a major sell-off earlier this week, with liquidations exceeding $1.4 billion in Friday's session. However, the market regained its strength, with several cryptocurrencies showing signs of recovery over the weekend.
The Fed's preferred measure of inflation came in lower than expected on Friday, which appeared to ease some of the disappointment in the market with the Fed's interest rate announcement on Wednesday, contributing to the market's rebound.
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On-chain data also indicates accumulation by large holders referred to as “whales,” who have been buying XRP during the decline. In the past 24 hours, blockchain data tracking company Whale Alert reported transferring 99,999,977 XRP worth $222,109,105 between unknown wallets. According to Ali Martinez, a cryptocurrency analyst, whales have bought 80 million XRP since the price correction began on December 17.
XRP price movement
After two consecutive days of decline XRP fell It reached its lowest levels of $1.95 in the Friday session, where the price rebounded sharply. XRP faced resistance at $2.72 on December 17.
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On the downside, the $1.90 level is a crucial level that the bulls must defend as a break below could send XRP to the 50-day SMA at $1.59. At the time of writing, the price of XRP has risen by 5.03% over the past 24 hours to $2.35, after reaching intraday highs of $2.38.
Currently, the daily RSI is just above the midpoint, indicating range-bound trading in the near term. XRP may fluctuate between $1.90 and $2.72 for a little longer before a new move occurs. A break above $2.73 could spark a new uptrend targeting $3 and beyond.
In positive XRP Ledger news, the Multi-Purpose Token (MPT) on the XRP Ledger was successfully audited by Softstack GmbH without any critical issues found. This represents an important step in ensuring strong security. XRPL's MPT token standard enables efficient tokenization and supports diverse digital assets on a secure blockchain platform.
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