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XRP has, in the last seven days, been on a steady downward slope, losing 8.22% in price value. XRP slipped from $2.34 to test the $2.10 support in an apparent continuation of the death cross it slipped into days ago. XRP’s nine-day Simple Moving Average (SMA) has crossed below the longer-term 21-day SMA.
XRP death cross signals trouble, but volume suggests interest
The death cross is generally considered a bearish signal and could have triggered the crashing price of XRP. However, it is not a guaranteed sign that the coin would remain on a downward trajectory, as market sentiment could trigger a reversal.
Interestingly, despite the technical indicator with XRP, market participants remain active as trading volume has recorded a significant spike. There has been an 11.72% increase in volume, jumping to $2.01 billion.
Meanwhile, as of press time, the price of XRP was changing hands at $2.15, representing a slight recovery of 0.79% in the last 24 hours.
Technical indicators suggest that if XRP can climb to the critical support of $2.20, the coin might rise above $2.45 soon. The current setup shows increased trading volume, which could indicate increased buyer interest and support a reversal.
The current 9-day SMA and 21-day SMA indicate a short-term bearishness that could quickly reverse if the trading volume and other metrics remain stable. However, if XRP fails to hold above $2.10, it could lead to a further decline.
$3 psychological level still in focus
In the meantime, David Schwartz, Ripple’s CTO, caused a stir in the XRP community with a cryptic post on X.
The message has sparked bullish sentiment among traders and investors, as some speculate that this could be a future price prediction.
How the XRP price might react in the coming days remains to be seen. Notably, the $3 price level remains a psychological level at which the coin can move upward.
Vladislav Sopov
U.Today Editorial Team