fell 6% in 24 hours, approaching the lower end of its three-week trading range between $2.20 and $2.70.
The token is approaching a bearish technical pattern known as the death cross, where the 50-day simple moving average (SMA) is expected to move below the 200-day SMA for the first time since May. The death cross is a widely observed indicator, suggesting that short-term price momentum is weakening relative to the long-term trend, often seen as a precursor to more prolonged downturns.
While not always reliable on its own, impending death and broader market weakness – including Bitcoin’s recent struggles – add to the sense of caution around XRP, especially as the MACD histogram on XRP’s daily chart signals a bearish crossover, a sign of another negative momentum shift.
XRP is the payments-focused cryptocurrency that Ripple uses to facilitate cross-border transactions.
