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