It is down 6% in 24 hours, closing at the lower end of its three-week trading range between $2.20 and $2.70.
The token is close to a bearish technical pattern known as a death cross, where the 50-day simple moving average (SMA) is set to break below the 200-day SMA for the first time since May. The death cross is a widely watched indicator that suggests short-term price momentum is weakening compared to the longer-term trend, often seen as a harbinger of a more extended recession.
While this is not always reliable in itself, the impending death cross coupled with broader market weakness – including Bitcoin’s recent struggles – adds to the cautious sentiment around XRP, even more so as the MACD histogram on the daily chart of
XRP is a payments-focused cryptocurrency that Ripple uses to facilitate cross-border transactions.
