XRP Price Could Fall as Death Cross Looms
According to crypto analyst Cheeky Crypto, the XRP price may experience a dip soon due to the formation of a death cross on its chart. The analyst pointed out this pattern to over 152,000 subscribers on YouTube, explaining the potential implications for the digital asset.
Currently, XRP is finding support at the 200-day EMA, while facing resistance at the 50 EMA. This creates a close competition between the two levels. The analyst also identified a three-way pattern in the chart that could push the price as high as $0.51 before spiraling back down to the $0.48 support level.
The Elliot Wave formation indicates a possible decline to $0.35, representing a 28% drop from its current price. However, there is hope for bulls to reverse this bearish formation by pushing the price above $0.67, which would then serve as support.
The XRP price has been following the trend of major cryptocurrencies like Bitcoin and Ethereum. If Bitcoin continues to rise, XRP is likely to follow suit and invalidate the predicted death cross. Conversely, if Bitcoin experiences a reversal and price drop, it could validate the death cross and cause XRP’s price to plummet even further.
XRP Performs Well Among Top Cryptocurrencies
Currently, XRP is the third-best performer among the top 10 cryptocurrencies by market cap on the weekly chart. It has seen gains of 6.26%, trailing behind TON at 44.32% and SOL at 10.25%.
Hot Take: XRP’s Price at the Mercy of Bitcoin
The XRP price is facing a potential fall as a death cross looms on its chart. While there is hope for a bounce back, the bearish formation could lead to a significant decline. XRP’s correlation with Bitcoin makes it highly susceptible to the pioneer cryptocurrency’s movements. If Bitcoin continues to rise, XRP may defy the death cross and follow an upward trajectory. Conversely, if Bitcoin sees a reversal, the death cross could be confirmed, resulting in a faster and more intense drop in XRP’s price. Traders and investors should closely monitor Bitcoin’s movement as it will likely dictate the fate of XRP.
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