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Ripple: Its the Golden cross

  • Golden cross forming in XRP.
  • Medium term resistance might prove a barrier.

Ripple, the crypto whose parent company aims to streamline and solve global cross border payments solutions, has been the only cryptocurrency to hold on to itself in this mayhem that resulted in almost all the cryptocurrencies falling off the cliff. The saviour? Golden cross.

XRP/USD is trading up 3 percent on day at $0.509, a tad below the high of the day. Ripple has become the second largest cryptocurrency by market capitalisation, dethroning Ethereum which fell more than 18 percent in the week gone by. Ripple found solace in the golden cross – 50 days simple moving average crossing over 200 days moving average on the upside. XRP is sitting just on the cusp of a golden cross, which is a bullish sign for the crypto.

While that happens, XRP also faces resistance on the medium term chart in the form of a descending trendline on the 720-minute chart, at $0.515.

XRP/USD daily chart:

XRP/USD 720-minute chart:

 

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