The cryptocurrency XRP has recently experienced a "death cross" on its four-hour chart, indicating a bearish trend as its short-term moving average dropped below its longer-term moving average. This has caused concern among traders amidst uncertainty in the broader cryptocurrency market. XRP's price has dropped by 5.04% in the past 24 hours and has lost 22% of its value in the last seven days. CoinGlass statistics show a significant decrease in open interest for XRP, falling from an all-time high of $7.62 billion to $3.67 billion. Despite these recent declines, XRP has seen a significant increase in value, with a yearly gain of 383%. However, the appearance of the death cross on the four-hour chart and the inflow of XRP to exchanges suggest a desire to sell tokens, potentially decreasing the likelihood of a rally. It's worth noting that the 200-day simple moving average (SMA) indicates a longer-term bullish trend. Immediate resistance for XRP is at $2.49 and $2.60, with a move above these levels potentially reigniting an optimistic outlook. On the other hand, support is expected near $2 if the price continues to fall.



Other News from Today