According to U.Today: XRP has confirmed a death cross on its chart, where the 50-day moving average crosses below the 200-day moving average, signaling a bearish trend. This technical indicator is typically associated with potential downward movement, reflecting recent market sentiment. However, as a lagging indicator, the death cross primarily highlights existing bearish momentum rather than predicting future price declines.
While this formation often garners attention alongside its counterpart, the golden cross, it is essential to consider surrounding support levels for a broader context. XRP currently hovers near critical support around $0.50, and a drop below this could open a path to the $0.47 range. Maintaining above the $0.50 level, however, could help XRP resist further declines.
Traders Cautious as XRP Tests Key Support Amid Bearish Signal
Despite the bearish indicator, XRP’s position near support levels suggests that the death cross does not guarantee further retracement. Investors and analysts are closely monitoring XRP’s next moves, as holding above $0.50 may reinforce a stabilizing effect for the cryptocurrency.
