XRP formed its first death cross in 2024, a technical indicator that is often considered a bearish signal for the market.
XRP formed its first death cross in 2024, a technical indicator that is often considered a bearish signal for the market.
A death cross is formed when a short-term moving average (MA) crosses below a long-term MA, suggesting bearish implications for the price.
XRP’s 50-day simple moving average (SMA) crossed below its 200-day SMA, marking the first death crossing for the coin since September 2023.
The death cross is generally considered a lagging indicator, implying that the downtrend has already been in place for some time and the cryptocurrency could already be oversold by the time the death cross appears. More often than not, XRP death crosses have initiated a bottom phase for XRP price.
For example,
XRP has been on a steady decline since November 2023, when it peaked at $0.75. Since then, the coin has lost more than 34% of its value, trading down 2.58% in the last 24 hours at $0.495.
What’s next for XRP price?
XRP has fallen below the market price of $0.50 for the first time since October 19. According to feelingXRP saw the largest number of million-dollar whale transactions on the network, reaching 217, since prices surged following a judge’s determination that Ripple had not violated any securities laws in July 2023. Santiment commented that the whales do not seem to be panicking.
As things stand, the bulls are desperate to get the price of XRP back above $0.50. If the price remains below $0.50, XRP may fall to the next key support level at $0.46.
The daily moving averages represent the first major hurdle in the uptrend. If the bulls clear this hurdle, XRP could rise to $0.623, ahead of $0.70. The bears are expected to aggressively defend these levels.
