**Ripple (XRP) Investors Take Caution: A "Death Cross" is Looming**
Ripple (XRP), which many crypto investors are hopeful about, is now flashing a bearish signal due to a key metric forming on its price chart.
According to a price analysis by UToday, XRPâs price has dipped below both the 50-day and 200-day moving averages, forming a bearish pattern known as the "Death Cross." This suggests that selling pressure could increase, potentially pushing XRPâs price lower.
The "Death Cross" pattern, now appearing on Rippleâs chart, could soon complete with negative results. UToday, after reviewing the XRP chart, mentioned that historically, when this formation is combined with other bearish indicators, it has led to significant price drops.
Currently, XRP is struggling to hold potential support levels and is trading at $0.55. The price chart shows instability, with no clear signs of upward momentum. The analysis further stated that if the "Death Cross" forms fully, XRPâs price could drop below $0.50.
UToday also warned that XRP could face additional downward pressure due to regulatory issues and ongoing volatility in the cryptocurrency market, urging investors to stay cautious.
Ripple Labs, the company behind XRP, is currently delaying a court-ordered payment. Just days before a large payment was due, Ripple requested the court to pause the order.
Lawyer James K. Filan noted that Ripple filed a request to suspend the monetary portion of the court ruling made on August 7, 2024. The SEC, the leading regulatory authority in the US, has agreed to the postponement request.
With XRP still locked in a legal battle with the SEC, it is expected that the token may continue to face pressure for the foreseeable future.
