XRP formed a death cross on the hourly chart, but the price avoided a decline. A death cross is a technical signal that occurs when the short-term moving average crosses below the long-term moving average, suggesting potential downward pressure.
As major cryptocurrencies declined due to selling pressure from new uncertainties in the global market, approximately $1 billion (about 1.39 trillion won) of leverage positions were liquidated.
XRP had been rising for four consecutive days since May 31st and reached a high of $2.28 on June 3rd, followed by profit-taking sales. The Wednesday and Thursday trading sessions closed lower.
Although it dropped to $2.06 during the Thursday session, XRP unexpectedly reversed direction and surprised short sellers. It closed in an upward trend for 7 out of the last 8 hours.
Currently, XRP is trading at $2.18, down 0.67% from the previous day, but has recovered significantly from the intraday low of $2.08. On a weekly basis, it has increased by 0.02%.
Trading volume increased by 73.9% over the past 24 hours to $3.5 billion (about 4.865 trillion won). In the short term, the focus is on whether it will break through the 50-day and 200-day hourly moving averages at $2.17 and $2.19, respectively.
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