XRP Prints Bullish Golden Cross Pattern But Analyst More Concerned About Weekly Death Cross


  • XRP going for a retest is a buy the dip opportunity
  • XRP active addresses hit all-time high several times this month
  • In cross-border payment, it’s becoming increasingly hard to dislodge XRP just like Ethereum in DeFi – Ripple SVP Asheesh Birla

On Feb. 15, XRP went above $0.340, a level that was last seen in early July 2019. But as Bitcoin takes a drop, XRP went down to $0.262 again, to early February levels.

Currently, the third-largest cryptocurrency by market cap is trading at $0.264, down 4.61% in the past 24 hours. But things might turn out okay for the digital asset, yet again.

Today, XRP printed a bullish crossover, a golden cross. A golden cross technical pattern is a bullish signal where the short-term moving average crosses above a long-term moving average, which indicates that a bull market is on the horizon.

“Still going for that retest. Buy the dip opportunities rather than short entries. As long as we hold,” said trader Crypto Michael.

A Massive Breakout

However, XRP bull Magic Poop Cannon who likened the recent rise in XRP price to 2017 bull rally, now says “XRP Remains in A Downtrend.”

The digital asset is currently struggling with a rising trend line that was generated off of the peak of 2014. Present at $0.265, the analyst says a fall below this level could mean a “more dramatic selloff than expected.”

Currently, XRP has been in a falling wedge which is a bullish pattern that depends on a breakout. This breakout he said doesn’t exist yet and the fact that the crypto asset has had four clear rejections at the top of that formation, it doesn’t bode well for XRP in the short term.

Although the golden cross has been printed, Magic notes there is also a death cross on the weekly chart which is “telling a more important story.”

“Ultimately, I expect that the volatility will continue, until price is able to break out of this formation to the upside or to the downside. Either way, it will be massive.”

Hard to Dislodge XRP from cross-border remittances – Ripple SVP

Keeping aside the price, Asheesh Birla, Ripple’s senior vice president of the product said at the Goldman Sachs Technology and Internet Conference in San Francisco that it would be difficult for crypto assets and companies to outperform XRP in the cross border remittances sector. Similarly, it is hard to beat Ethereum in decentralized finance (DeFi) space, said Birla.

XRP, the digital asset powers the Ripple network in any destination where its products are live making it the “most” liquid crypto asset. And as Ripple has repeatedly emphasized, it has found its niche in cross-border payments and remittance sector and built an ecosystem.

“So in cross-border payment, I think it’s going to be increasingly hard to dislodge XRP. And with DeFi, as the ecosystem expands it will be increasingly hard to dislodge Ethereum because it’s so liquid for those use cases.”

Also, last week a leaked document revealed that the second-largest US banking institution in the US, Bank of America has joined RippleNet.

Active Addresses Hitting New Highs

While the Ripple network keeps on growing, the active addresses have also been seeing several spikes. As a matter of fact, the active addresses hit an all-time high this month.

XRP Active Addresses, Source; Coin Metrics

In early February, the record was broken for the first time when XRP active addresses hit 99.9k and then the same week, after a couple of days, it again surged to 153.3k. On Feb. 15, we jumped to 156.5k only to be outdone by 232k on Feb. 19. Currently, however, we are at 3.8k.

Ripple (XRP) Live Price

1 XRP/USD =$0.2464 change ~ 2.46%

Coin Market Cap

$10.67 Billion

24 Hour Volume

$186.84 Million

24 Hour VWAP

$0

24 Hour Change

$0.01

Get Daily Headlines

Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

What to Know More?

Join Our Telegram Group to Receive Live Updates on The Latest Blockchain & Crypto News From Your Favorite Projects

Join Our Telegram

Stay Up to Date!

Join us on Twitter to Get The Latest Trading Signals, Blockchain News, and Daily Communication with Crypto Users!

Join Our Twitter

Add comment

E-mail is already registered on the site. Please use the Login form or enter another.

You entered an incorrect username or password

Sorry, you must be logged in to post a comment.
Bitcoin Exchange Guide