XRP has shown a golden cross on its hourly chart, yet instead of the anticipated rise, the price fell to $2.80. Current market conditions impact the token's behavior.
Price Fails to Meet Expectations
XRP registered a golden cross — a technical signal associated with bullish trends. However, instead of rising, the token fell to $2.80. According to crypto analyst Ali, this rejection suggests that the price might slide down to $2.70.
Since late August, XRP has been range-bound between $2.74 and $2.88. The inability of the token to find a clear direction heightens investor caution. Despite a 1.38% decline in the past 24 hours, XRP exhibits an annual return of 423%, which surpasses Bitcoin and Ethereum.
Ripple Transfer Draws Community Attention
Ripple, the company behind XRP, recently executed a transfer of 250 million XRP valued at approximately $703.9 million. The transfer was made to an anonymous wallet, garnering significant attention in the crypto community.
Each month, the company unlocks one billion XRP from its escrow, using a portion for operational needs and returning the rest. This latest transfer is expected to be part of this monthly release to cover operational costs and network fees.
Broader Market Struggles for Momentum
The broader cryptocurrency market continues to show limited trading activity, applying pressure to XRP’s movements. Weak sentiment and diluted liquidity pose obstacles to long-term profitability.
Meanwhile, Grayscale has celebrated the first anniversary of its XRP Trust, coinciding with XRP's efforts to find stability amid a challenging market environment.
The golden cross on XRP's hourly chart failed to lead to a rally, and the token is now trading at $2.80. With resistance at $3.05 and support at $2.48, investors remain vigilant about XRP's further movements.
