XRP is currently experiencing a bearish technical pattern known as the death cross, where its 23-day moving average has crossed below the 50-day moving average on the daily chart. This event often signals a potential weakening trend or continuation of downside movement.
As of the latest trading session, XRP is priced around $2.21-$2.24, showing a decline of just over 1%, with recent attempts to rally failing to surpass significant resistance levels near $2.27 and $2.35. The 200-day moving average still indicates a longer-term upward trend, but momentum has been fading over recent weeks, and market sentiment appears cautious.
Short-term price action has shown modest declines, with intraday lows near $2.22 after slipping from $2.27, and traders seem hesitant, with neither buyers nor sellers pushing with strong conviction. Analysts suggest if XRP breaks below critical support levels in the $2.18-$2.20 range, it could further decline towards $2.00 or even the high $1.90s where demand previously strengthened.
The death cross is interpreted as a warning for bulls, typically prompting more defensive trading behavior. While it does not guarantee a steep drop, it may signal a shift from aggressive purchasing to caution and potential selling pressure. XRP bears watching for any movement above $2.27 with strong volume to invalidate the bearish outlook.