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As the week begins, XRP encounters a decline in its price, stirring concern among traders due to the formation of a “death cross” on its charts. The 23-day moving average dipping below the 50-day moving average indicates a technical weakening for this popular altcoin. Currently trading around $2.24, XRP experiences a 1.16% drop within the day. Although the 200-day average continues to rise, the receding price from the $3 peak signals a search for direction amid reduced buying pressure.
XRP’s Death Cross Sounds Alarm for Traders
This technical pattern, known as the “death cross,” was confirmed with Monday’s candlestick on most trading platforms. The slipping of the 23-day average under the 50-day average reveals a loss in short-term market momentum. Clearly observed on the daily chart, this crossover accentuates the decline from the $3 level. While active traders keep a close watch on the charts, such formations are known to initiate cautious pricing behaviors.
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In recent weeks, the inability to surpass the $2.35 resistance has diminished buyers’ confidence. Daily data shows a weak recovery as prices slid from $2.27 to $2.22 overnight, entering the new session. Sellers are on the lookout for opportunities while buyers remain hesitant, resulting in directionless and low-volume movements.
Critical Support Levels and Potential Scenarios for XRP Coin
Analysts identify the $2.20 – $2.18 range as a short-term defensive zone for XRP coin. If this support falls, prices may decline towards $2 or even the high $1.90s, a range where demand previously rebounded. In such a decline, short-term traders and those with leveraged positions would be most affected.
In the altcoin world, a strong momentum is not anticipated until a daily close above $2.35 is achieved. Despite the 200-day moving average maintaining its upward trend, long-term optimism persists but does not negate the necessity for more cautious trading strategies. As prices near a decision point, trading volume and news flow seem likely to determine the direction.
