The death cross shown in the XRP technical analysis is sending a warning signal for a bullish market transition. Currently, XRP is trading around $2.21, slightly rebounding from last week's low of $2.07, but still remaining below the key moving averages.
On the daily chart, the 23-day moving average (green) has crossed below the 50-day moving average (blue), forming a death cross. This is typically interpreted as a signal indicating continued downtrend or weakening upward momentum.
XRP currently has the 50-day moving average at $2.27 as a resistance level. Without a breakout accompanied by trading volume, the recent rebound may lead to a bearish reversal, according to analysis.
Notably, XRP has been showing a downward trend for several weeks, with each rally attempt showing reduced upward movement. Volatility remains at a low level, suggesting the market is waiting for a trigger to determine its future direction.
Short-term traders should be cautious about premature buying at this point. Attempting a rebound when moving averages are declining and momentum is uncertain could be risky. However, the market analysis suggests the situation could change if it breaks through $2.27.
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