XRP Golden Cross Confirmed But Short-Term Momentum Remains Negative

XRP has confirmed a golden cross on its daily chart as its 50-day moving average pushes through the 200-day around $1.37.

This technical signal is often seen as a bullish sign, indicating a shift from a bearish to a bullish long-term trend.

However, XRP's price action is prompting caution, with the golden cross coming after a significant change in the market's composition.

XRP was in a downward trend from May to mid-August, falling from above $1.50 to around $1.00 under a 200-day average that was steadily declining.

However, in August, XRP surged through all major moving averages due to a massive volume-backed rally, breaking the trend and causing the 200-day average to become support.

The price has dropped back to $1.50 due to a run of red daily candles, with diminishing volume compared to the August surge.

Despite the long-term averages turning positive, short-term momentum is negative, with immediate support at $1.44 and the key line below it being the $1.37 zone where the 50-day and 200-day converge.