Also, sticking with the death cross, it's important to realize that XRP has been in a big long sideways motion for about a year. It has been volatile at times, but in general, price has been consolidating sideways for quite some time. Naturally, the 50 and 200 are going to converge in that sort of a price range, in a way that causes several crosses, which are rather insignificant. While we should definitely note the death cross here, I wouldn't panic over it. After all, XRP is currently holding an ENORMOUS .
As you can see, the green on the chart shows how our current area was once major resistance. After XRP successfully broke out above that resistance, it soared to it's all time high. Since then, XRP has returned to this region, and is now defining that once powerful resistance as new support. So, from a pure standpoint, the chart looks very good, since XRP has held this area so many times. Obviously, if XRP begins to fail to hold this area as support, I will have a different opinion on what the short term technical picture is. As of right now, I am neutral. I'm neutral because XRP is holding this major , but it is below practically every moving average known to man.
On the , we can see that it's showing a potential failure at resistance (red horizontal .) When we look through the history of this level on the , we can see that each time it was defined as resistance, there was a selloff. Also, each time it was held as support, there was a rally. So, the fact that the appears to be defining that level as resistance, while preparing to cross over , doesn't look too good for short-term momentum or price movement.
However, on the , we can see that it is just above the oversold level, which is the bottom of the teal colored area. So, since XRP is close to oversold levels, while sitting on top of this enormous support region, it gives me a neutral outlook while considering the other technical factors. If we break above the moving averages, my outlook will become more (short-term.) If we break below the green , my outlook will become more (short-term.)
For now, let's keep an eye on how XRP responds to this support region. It's the most important area on the chart. Good luck trading, everyone!
I'm The Master of The Charts, The Professor, The Legend, The King, and I go by the name of Magic! revoir.
***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***