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March 17, 2021 @ 10:16 +03:00
XRP, the digital token used in Ripple Labs’ payments network, was outperforming bitcoin and other major cryptocurrencies on Tuesday, with a longer-duration technical indicator flashing a bullish signal. The token’s price was around 48 cents at press time, up 9% on a 24-hour basis, based on CoinDesk 20 data. Other prominent cryptocurrencies such as bitcoin, ether, chainlink and litecoin were nursing moderate losses.
XRP’s 50-week moving average crossed above the 100-week moving average (MA) earlier this month, confirming a pattern known in price charts as a “golden crossover” – a long-term bullish indicator. Traders and chart-reading analysts often see the golden cross as a sign of a definitive uptrend. As such, the latest cross may attract stronger buying pressure from trend-following traders, leading to continued price gains.
XRP Jumps as Bullish ‘Golden Cross’ Pattern Appears in Price Chart, CoinDesk, Mar 17