XRP Golden Cross Fails to Ignite Rally as Price Slips to $2.80

• XRP golden cross fails as price drops, momentum fades quickly.
• Ripple transfer of 250M XRP stirs community amid price decline.
• Crypto markets struggle in September, XRP slips despite bullish signal.

XRP registered a golden cross on its hourly chart, a technical signal often linked with bullish momentum. Rather than moving upwards, the token fell to $2.80, showing it was more of a fake signal than a sustained breakout.

Trading activity across the crypto market has been lackluster at the start of September, which historically tends to be a weak month. This low-profile background has been a burden on the XRP inasmuch as this trend had initially raised expectations of an uptrend.

Also Read: Ripple-Finastra Partnership Sparks Debate Over SWIFT Connectivity

Price Rejection Raises Concerns for XRP

XRP briefly touched $2.90 after a weak jobs report bolstered expectations of a rate cut in September. Nevertheless, crypto analyst Ali regards this rejection as a possibility that will take the price to $2.70.

Since late August, XRP has been narrowly range-bound between $2.74 and $2.887. The sideways movement reinforces investor prudence as the token fails to find a clear path.

Despite a downward movement of 1.38% in the past 24 hours, XRP has an annual return of 423%, which is higher than Bitcoin and Ethereum. It is the fourth-largest crypto asset with a current market capitalization of $167 billion.

The daily 50-day simple moving average indicates resistance at $3.05, and the daily 200-day simple moving average reveals key support at $2.48. These levels would dictate whether XRP will go down or initiate another rally.

Ripple’s Major Transfer Sparks Attention

Ripple, the company behind XRP, recently executed a transfer of 250 million XRP valued at around $703.9 million. Whale Alert reports that the money was transferred to an anonymous wallet, which attracted considerable attention in the crypto community.

Every month, the company unlocks one billion XRP of its monthly escrow, spending a fraction of this on operations and returning the rest. The most recent transfer is estimated to be part of this monthly release to cover operational costs, network fees, and investments in blockchain.

Broader Market Struggles to Build Momentum

The broader cryptocurrency market continues to show limited trading activity, which has added pressure on XRP’s recent movements. Dilute liquidity and weak sentiment are obstacles on the way to a long-term profit.

Meanwhile, Grayscale has celebrated the first anniversary of its XRP Trust, a development that arrives as XRP seeks stability amid a challenging market environment.

The golden cross on the XRP hourly chart could not translate into a bullish momentum, and the token was trading at a lower price of $2.80. With resistance at $3.05 and support at $2.48, traders remain watchful as XRP attempts to avoid slipping toward $2.70.

Also Read: Gold Hits $3,600 as Peter Schiff Says Bitcoin Investors Picked the Wrong Bet

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