It has fallen 6% in 24 hours, approaching the lower limit of its three-week trading range between $2.20 and $2.70.
The token is approaching a bearish technical pattern known as a death cross, where the 50-day simple moving average (SMA) will cross below the 200-day SMA for the first time since May. The death cross is a widely observed indicator that suggests short-term price momentum is weakening relative to the long-term trend, often seen as a precursor to longer-term crises.
While not always reliable on its own, the looming death cross coupled with broader market weakness, including bitcoin’s recent struggles, adds to the cautious sentiment around XRP, more so as the MACD histogram on XRP’s daily chart is triggering a bearish crossover in a sign of a renewed negative shift in momentum.
XRP is the payments-focused cryptocurrency that Ripple uses to facilitate cross-border transactions.
