XRP’s price has taken a hit after confirming a death cross on its daily chart, a bearish technical signal that suggests the 50-day moving average has crossed below the 200-day moving average. This signal is a warning sign for investors.
In the last 12 days, XRP has seen losses of 10 out of 12 days when paired against Bitcoin, which reached an all-time high of $112,000 on May 22. The current price is caught between $2.65 and $2 in its USD pairing, with neither buyers nor sellers gaining the upper hand.
While the short-term downtrend has traders on edge, some technical indicators suggest a possible reversal signal. The Relative Strength Index (RSI) is approaching oversold territory, indicating that selling pressure may be exhausted. A golden cross on the weekly XRP/BTC chart also offers bulls hope in the long term.
The broader crypto market fell on Sunday with $210 million in liquidation, following a profit-taking session after last week’s rally. Bitcoin’s price dropped to near $107,000 after reaching a new all-time high.
As of now, XRP is down 2.09% in the last 24 hours and up 4.31% weekly. Market sentiment remains cautious with investors assessing macroeconomic and technical indicators to decide their next move.
Source: https://u.today/xrp-drops-behind-bitcoin-in-death-cross-move-but-rebound-ahead