XRP Price Faces Bearish Death cross Despite Bullish Factors
The XRP price has dropped by over 35% from its peak this year. A death cross pattern on the daily chart suggests further declines, despite some positive factors.
- The death cross occurs when the 50-day and 200-day moving averages cross downward, signaling a bearish trend.
- XRP remains below the key resistance level of $2.70, indicating more potential downside.
- However, Ripple has several bullish catalysts that could counteract this trend.
One bullish factor is the rumored $1 billion fund Ripple Labs might launch to buy XRP. This drop comes despite several positive developments for Ripple.
The daily chart shows XRP trading at $2.3700, up 33% from its lowest point this month. However, a death cross pattern has formed, signaling potential further declines. This occurs when the 50-day and 200-day moving averages cross downward, a bearish indicator.
Despite the technical bearishness, Ripple has several bullish catalysts. A rumored $1 billion fund by Ripple labs to buy XRP could boost demand. Companies like SBI Holdings and Trident Digital have announced XRP treasuries. The approval of spot XRP ETFs by the SEC could also drive the price up.
Ripple’s recent acquisitions, including GTreasury for $1 billion, will enhance the XRP Ledger network. Thes moves aim to make global money transfers faster and cheaper.
For more details, check the Ripple Labs tweet.
