Eyes on XRP's price action for potential reversal amid bearish chart indication
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The markets extended a sell-off on Friday after a far weaker-than-expected jobs report for July raised concerns that the U.S. economy could enter a recession.Amid the ongoing sell-off, XRP faces a concerning technical indicator, a"death cross" that occurs when a short-term moving average crosses below a long-term moving average on its short-term charts.
XRP's hourly charts have recently displayed this pattern, with the 50-hour moving average crossing below the 200-hour moving average. A death cross is commonly interpreted as a bearish indication, indicating potential further declines.While the hourly death cross is a concerning indicator, it is important to note that it is not always a definitive predictor of future price movements.
In the coming days, the market will be closely monitoring XRP's price action to see if it can regain its footing and reverse the recent losses.Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.
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