- XRP forms rare golden cross as traders watch potential $1.40 breakout
- Technical signal appears while broader crypto market faces continued pressure
- Key support near $1.34 may determine XRP’s next short term move
XRP has drawn renewed attention among traders after a notable technical signal appeared on its two hour price chart during a period when the broader cryptocurrency market continues trading under pressure and uncertainty. According to chart data shared by analysts tracking XRP price movements across trading platforms, the asset recently completed a golden cross on the two hour timeframe after the 50 period moving average moved above the 200 period simple moving average.
This crossover often signals strengthening short term momentum in price structure, however the formation appeared while several major cryptocurrencies continued recording losses across daily and weekly trading sessions. At the time of writing, XRP traded near $1.35 after declining 0.80% during the past 24 hours, while the token also remained down 1.36% over the previous week.
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Macro Pressure Weighs on Crypto Market Sentiment
Meanwhile, broader market sentiment remained cautious as derivatives data showed roughly $172 million in liquidations across the cryptocurrency market during the same 24 hour period. Additionally, macroeconomic developments continued shaping investor positioning across digital assets after a weaker than expected United States jobs report raised fresh concerns about economic growth.
Consequently, traders began discussing the possibility of interest rate cuts ahead of an upcoming Federal Reserve meeting later this month since monetary policy expectations often influence crypto market sentiment. Besides that, strength in the U.S. dollar index has added pressure on assets priced against the dollar because a stronger currency frequently leads to temporary declines across crypto markets.
XRP price movements during the weekend reflected this cautious environment as the asset briefly climbed toward $1.37 earlier in the session before gradually retreating toward $1.34 during later trading hours.
Golden Cross Draws Attention as Traders Watch $1.40 Breakout
Despite ongoing market weakness, the newly formed golden cross has drawn attention from technical traders closely monitoring XRP chart signals. Market participants currently watch the $1.34 support level carefully since holding above this zone could allow XRP to stabilize after several days of declining prices.
Source: Tradingview
If buying momentum strengthens in the short term, XRP may attempt to retest resistance levels around $1.36 and $1.37 while continued upward pressure could eventually bring the $1.40 level into focus. However, downside risks remain present since a break below $1.34 may expose deeper support zones between $1.30 and $1.32 if selling pressure increases. Institutional activity also reflects mixed sentiment as XRP related exchange traded funds recorded outflows totaling $16.62 million on March 6.
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