XRPย Rippleย (XRP) Price Could Fall as Death Cross Looms
According to cryptocurrency analyst Cheeky Cryptocurrency, the XRPย Rippleย (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, introducingย theย capacity implications for the digital asset.
Asย ofย now, XRPย Rippleย (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 mightย 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, thereย is hope for bulls to reverse this bearish formation by pushing the price over $0.67, which would then serve as support.
The XRPย Rippleย (XRP) price has been following the trend of major digitalย currencies like Bitcoinย (BTC) and Ethereumย (ETH). If Bitcoinย (BTC) continuesย to rise, XRPย Rippleย (XRP) isย veryย likely follow suit and invalidate the predicted death cross. Conversely, if Bitcoinย (BTC) experiences a reversal and price fall, itย might validate the death cross and cause XRPโs price to plummet even further.
XRPย Rippleย (XRP) Performs Well Between Top Cryptocurrencies
Asย ofย now, XRPย Rippleย (XRP) is the third-best performer between the top 10 digitalย currencies by market cap on the weekly chart. It has seen gains of 6.26%, trailing behind TON at 44.32% and Solanaย (SOL) at 10.25%.
Hot Take: XRPโs Price at the Mercy of Bitcoin
The XRPย Rippleย (XRP) price is facing a probable fall as a death cross looms on its chart. Althoughย while thereย is hope for a bounce back, the bearish formation could lead to a wholeย lotย of decline. XRPโs correlation with Bitcoinย (BTC) makes it highly susceptible to the pioneer cryptocurrencyโs movements. If Bitcoinย (BTC) continuesย to rise, XRPย Rippleย (XRP) may defy the death cross and follow an upward trajectory. Conversely, if Bitcoinย (BTC) sees a reversal, the death cross mayย be confirmed, resulting in a quicker and more intense fall in XRPโs price. Traders and investors should closely monitor Bitcoinโs 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.
