XRP price Take a sharp contraction In the past 24 hours to extend its losses for seven days. It is worth noting that this recession has seen the original Slip below the level of critical support At $ 2.50 after weeks of intense work to break over it. This break opens below $ 2.50 the risk of continuous fall to re -test the next main support range between $ 2.25 and $ 2.30. It is worth noting that the descending feelings surrounding the original are strengthened by more technical analysis of the 4 -hour and daily plans that indicate the death cross on the horizon.
The death waves on the horizon, indicating more weakness
One of the most anxious developments for XRP is imminent The formation of the death cross On the graph for 4 hours. This death cross has been revealed Through analysis From the price scheme on the TradingView platform, which indicates that the moving average for 50 days is about to cross without the moving average for 200 days.
It is widely seen until the MA intersection for 50 days is less than MA for 200 days as a landmark, indicating that the momentum turns in favor of the bears. What this means is that the continuous energy struggle between bears and bulls may now fall into the path of bears, which may fully extend the continuous low prices and cause another price to be disrupted.
Should the bears continue to dominate It can penetrate xrp Simple support levels at $ 2.30 and $ 2.25. If this level fails to keep it, it may decrease to $ 1.91 and erase all its gains in the past two months. Altcoin is now struggling to maintain major structural patterns on the daily chart, and the price of less than $ 1.91 can nullify the bullish triangles and triangles.
XRP/BTC pair also fluctuated landing signals
Besides the US dollar pair, XRP performance against Bitcoin has become negative as well. This is important, given that Altcoin is one of the few assets it has I managed to outperform Bitcoin This course. The XRP/BTC daily chart shows that XRP has closed less than 50 days of MA for the first time in nearly three months. This indicates a shift in the direction and an additional confirmation of the RSI indicator (RSI), which is now in a declining direction.
At the time of this report, XRP is trading at $ 2.43, a decrease of 3.26 % over the past 24 hours and 21.66 % more severe over the past week. These losses, along with the weakness of technical indicators, draw a cautious look at obedience in the short term. However, the continuous decline can open Possible accumulation opportunities For investors.
If the Bitcoin price movement stabilizes above $ 100,000, the constant decrease may lead to renewal of renewal Rumming between $ 2.4 and $ 2.5.
Distinctive image from Adobe Stock, Chart from TradingView.com
