XRP’s price has taken a sharp downturn in the past 24 hours, extending its seven-day losses and slipping below a critical support level at $2.50. This breakdown opens up the risk of further decline to the next key support range between $2.25 and $2.30. The bearish sentiment is reinforced by the looming death cross on the 4-hour chart, signaling a potential shift in momentum favoring the bears.
The imminent death cross, indicated by the 50-day moving average crossing below the 200-day moving average, suggests that the ongoing power struggle between bulls and bears might be tilting in favor of the bears. If the bears maintain their dominance, XRP could breach minor support levels at $2.30 and $2.25, potentially dropping to $1.91 and erasing its gains from the past two months.
Furthermore, XRP’s performance against Bitcoin has turned negative, with the altcoin closing below its 50-day MA on the XRP/BTC daily chart for the first time in nearly three months. This trend shift is confirmed by the Relative Strength Index (RSI), which is now in a downtrend.
At the time of writing, XRP is trading at $2.43, down 3.26% over the past 24 hours and 21.66% over the past week. These losses, coupled with weakening technical indicators, paint a cautious outlook for the altcoin in the near term. However, if Bitcoin’s price stabilizes above $100,000, the ongoing dip could present potential accumulation opportunities for investors between $2.40 and $2.50.
Tags: XRP price, death cross, moving averages, technical analysis, crypto market
Source: https://bitcoinist.com/xrp-threatens-death-cross/