XRP Price Could See a Fall as Death Cross Looms, Analyst Warns
In the world of digital assets, death crosses are never a good sign, and XRP is no exception. The token is currently facing the possibility of a significant price drop as an analyst highlights the formation of a death cross on its chart.
Crypto analyst Cheeky Crypto recently took to social media to point out the potential dip in the XRP price as a death cross emerges. With over 152,000 subscribers on YouTube, the analyst explained the implications of this formation for the digital asset.
Currently, XRP is finding support at the 200-day EMA, but it is facing resistance at the 50 EMA. These two indicators are closely tied in terms of dominance. The analyst also identified a three-way pattern in the chart, suggesting that the digital asset’s price could bounce as high as $0.51 before eventually spiraling back down to the $0.48 support level.
The analyst further analyzed the Elliot Wave formation, which indicates a possible decline to as low as $0.35, representing a 28% drop from its current price. However, there is a glimmer of hope as the analyst suggests that bulls might be able to reverse this bearish formation by pushing the price above $0.67, which would then serve as support.
“Before we have that break to the downside, I suspect we get to bounce up,” the analyst stated. “We are in the oversold area, I suspect a move up before moving down.”
The XRP price has been following the trend of other major cryptocurrencies such as Bitcoin and Ethereum. Over the past day, XRP has gained 0.53%, aligning with Bitcoin’s 1.88% and Ethereum’s 1.12% gains.
This correlation suggests a strong relationship between the XRP price and the Bitcoin price. If Bitcoin continues to rise, it is likely that XRP will follow suit, potentially invalidating the aforementioned death cross.
On the other hand, if Bitcoin experiences a reversal and a subsequent price decline, it could confirm the death cross. In such a scenario, the XRP price could plummet even further, given the already bearish expectations. Selling pressure for XRP might even surpass that of Bitcoin.
Currently, XRP is the third-best performer among the top 10 cryptocurrencies by market cap on the weekly chart. It has seen gains of 6.26%, trailing behind Toncoin’s TON at 44.32% and Solana’s SOL at 10.25%.
It is important to note that these market trends are subject to change, and investors should closely monitor the situation. The XRP price is at a critical juncture, and the formation of a death cross could have significant implications for its future performance.
Sources:
– [Cheeky Crypto YouTube Channel](https://www.youtube.com/watch?v=yY0gobbeuBE)
– [Bitcoinist – Ripple Control XRP Price](https://bitcoinist.com/ripple-control-xrp-price/)
– [Bitcoinist – Dreaded Bitcoin Death Cross](https://bitcoinist.com/dreaded-bitcoin-death-cross/)
– [Bitcoinist – Crypto Volumes on a Downward Trajectory](https://bitcoinist.com/crypto-volumes-on-a-downward-trajectory/)
– [Bitcoinist – Bullish or Bearish Bitcoin Price Elliott Wave](https://bitcoinist.com/bullish-or-bearish-bitcoin-price-elliott-wave/)
– [Bitcoinist – Bitcoin Death Cross Imminent: What Data Says](https://bitcoinist.com/bitcoin-death-cross-imminent-what-data-says/)
– [Bitcoinist – Ripple CEO XRP Bitcoin](https://bitcoinist.com/ripple-ceo-xrp-bitcoin/)
– [Bitcoinist – Ethereum Shiny Testnet](https://bitcoinist.com/ethereum-shiny-testnet/)
– [NewsBTC – XRP Price Prediction](https://www.newsbtc.com/analysis/xrp/xrp-price-prediction-10000/)
– [Tradingview.com – XRPUSD](https://Tradingview.com)
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About the author - J-S Tremblay
I've been involved in the cryptocurrency world since 2016 and trading since 2019. I started Moon and Lambo in 2021. I'm passionate about crypto and love to share my knowledge. I hate bankers and I hope that cryptocurrency will change the financial world for the better. View full profile...
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