The cryptocurrency XRP recently displayed a 'death cross' on its hourly chart, indicating potential bearish market sentiment.
Technical Analysis of XRP
XRP, the fourth largest cryptocurrency by market capitalization, encountered a 'death cross' technical signal on its hourly chart. This pattern occurs when a short-term moving average falls below a long-term one.
XRP Price Dynamics
XRP decreased by 1.3% in the last 24 hours to $2.31. The price declined during the Crypto Summit as hopes for inclusion in strategic crypto reserves faded. Analyst Ali notes that XRP is consolidating within a symmetrical triangle.
Potential Price Movement Scenarios
If the decline continues, XRP could fall to $2.20. Buyers are expected to fiercely defend the $2.20 to $2.00 zone. If this fails, XRP may retest support at $1.79 or the daily SMA 200 at $1.60.
The appearance of the 'death cross' on XRP's chart may serve as a warning for investors. However, short-term technical indicators can be ambiguous in highly volatile markets.
