is down 6% in 24 hours, closing in on the lower end of its three-week trading range between $2.20 and $2.70.
The token is approaching 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 highly watched indicator that suggests short-term price momentum has weakened relative to the long-term trend, often seen as a precursor to longer-term declines.
While not always reliable on its own, the looming death cross along with broader market weakness – including bitcoin’s recent struggles – adds to the cautious sentiment around XRP, more so as the MACD histogram on XRP’s daily chart teases a bearish crossover in a sign of renewed negative shift in momentum.
XRP is the payment-focused cryptocurrency that Ripple uses to facilitate cross-border transactions.
