XRP Struggles Despite Golden Cross: Can Whale Activity Push It to $1?

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XRP recently formed a golden cross on its short-term charts, which is typically a bullish indicator. This technical pattern, seen about a week ago, appeared on Sept. 19, sparking anticipation of a price surge for the Ripple-linked coin. Market observers had hoped for a significant rally following its emergence.

A golden cross occurs when a short-term moving average, often the 50-day MA, crosses above a long-term moving average, such as the 200-day MA. On Sept. 19, this formation appeared on XRP’s four-hour chart, leading analysts to predict the coin could potentially climb to $1.

Golden Cross Invalidated by Market Conditions

Despite this bullish signal, XRP’s price did not rally as expected. The cryptocurrency is currently trading at $0.5893, reflecting a 0.1% dip over the past 24 hours. This decline invalidates the golden cross, demonstrating that even strong technical signals may falter in certain market conditions.

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While other cryptocurrencies are experiencing upward momentum—Bitcoin (BTC) has surged 2.06% to $65,617.49, and Ethereum (ETH) is up 1.29%, trading at $2,654.35—XRP remains in the red. The broader crypto market’s bullish trend has not lifted XRP, indicating that market sentiment alone may not be enough to push the coin higher.

Market Sentiment and Whale Movements Play Key Role

This failure to rise after the golden cross shows investors must consider broader market forces like economic trends and sentiment. These factors greatly impact XRP’s price and may be crucial for it to reach the anticipated $1 mark.

On a positive note, crypto tracker Whale Alert recently detected a significant movement of XRP tokens. A whale withdrew 40 million XRP from the exchange Bybit and transferred it to a private wallet, valued at around $23.3 million.

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Whale Alert has observed multiple large XRP transactions recently, signaling potential adoption and accumulation by major investors. These whale activities could be a sign of growing interest in the asset.