Price AnalysisRipple

XRP Price Analysis: Deadly Death Cross Approaches XRP, How will The Prices Unfold ?

Bitcoin’s inability to quickly recover from strong support levels suggested a lack of demand in the market. As a result, Altcoins have also suffered a loss of value. The recent market-wide sell-off struck the XRP price hard and does not appear to be positive right now. 

The first Death cross in five months appears to be on the way for XRP, a signal analysts regard to be a bad market omen. Furthermore, the 50-day moving average has moved closer to the 200-day moving average, confirming the so-called bearish death cross. 

unnamed

Death crosses are the outcome of a long-term sell-off and have weak prognostic capabilities. By the time the crossover occurs, the market is usually oversold.

The price of XRP had a choppy start to the day, rising to an intraday high of 0.60 before reverting. For the previous two days, the bulls have been fighting to defend the $0.59 support but have been unable to accomplish a solid comeback off it. This indicates that traders are not in a hurry to buy XRP at current levels. 

At the time of writing, the value of Ripple has dropped to $0.58. While the price is currently hovering just around $0.55, the bearish pressure is strong, and the price could fall further if the current market structure continues.

With the next focus on the immediate resistance levels of $0.62 and $0.65, the upside is likely to acquire traction. Following that, the $0.75 levels enter the picture. The levels of support were $0.55, $0.45, and $0.40, respectively. 

Despite the fact that the SEC case and its progress appeared to be a major catalyst for the XRP price, the prices seem to be unaffected. 

On July 27, a former agency officer, Willian Hinman, will be deposed. He will be confronted by the blockchain firm over his previous statement that Ethereum is not a security. If the XRP price can capitalize on the bullish feeling, Ripple’s underperformance could be reversed.

Show More

Anjali Belgaumkar

Writer by choice, CryptoCurrency Writer, and Researcher by chance. Currently, focusing on financial news and analysis, as well as cryptocurrency news and data. One may not call me a crypto “Enthusiast” but trust me I'm getting there.

Related Articles

Back to top button
Close
Close