XRP Ripple (XRP) Price Could Fall as Death Cross Looms
According to cryptocurrency analyst Cheeky Cryptocurrency, the XRP Ripple (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, introducing the capacity implications for the digital asset.
As of now, XRP Ripple (XRP) is finding support at the 200-day EMA, while facing resistance at the 50 EMA. This establish a close competition between the two levels. The analyst likewise identified a three-way pattern in the chart that might propel 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% fall from its current price. Nonetheless, there is hope for bulls to reverse this bearish formation by pushing the price over $0.67, which would then serve as support.
The XRP Ripple (XRP) price has been following the trend of major digital currencies like Bitcoin (BTC) and Ethereum (ETH). If Bitcoin (BTC) continues to rise, XRP Ripple (XRP) is very likely follow suit and invalidate the predicted death cross. Conversely, if Bitcoin (BTC) experiences a reversal and price fall, it might validate the death cross and cause XRP’s price to plummet even further.
XRP Ripple (XRP) Performs Well Between Top Cryptocurrencies
As of now, XRP Ripple (XRP) is the third-best performer between the top 10 digital currencies by market cap on the weekly chart. It has seen gains of 6.26%, trailing behind TON at 44.32% and Solana (SOL) at 10.25%.
Hot Take: XRP’s Price at the Mercy of Bitcoin
The XRP Ripple (XRP) price is facing a probable fall as a death cross looms on its chart. Although while there is hope for a bounce back, the bearish formation could lead to a whole lot of decline. XRP’s correlation with Bitcoin (BTC) makes it highly susceptible to the pioneer cryptocurrency’s movements. If Bitcoin (BTC) continues to rise, XRP Ripple (XRP) may defy the death cross and follow an upward trajectory. Conversely, if Bitcoin (BTC) sees a reversal, the death cross may be confirmed, resulting in a quicker and more intense fall in XRP’s price. Traders and investors should closely monitor Bitcoin’s movement as it will likely dictate the destiny of XRP.
Bitro Conwell stands as an intellectual architect, weaving together the roles of crypto analyst, meticulous researcher, and editorial virtuoso with finesse. Amidst the digital intricacies of cryptocurrencies, Bitro’s insights resonate harmoniously with seekers of all stripes, showcasing a profound understanding. His ability to untangle the most complex threads within the crypto landscape seamlessly pairs his their editorial finesse, transforming intricacy into an artful tapestry of comprehension.