Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
XRP has confirmed a death cross on its hourly chart, coinciding with its recent price drop.
A death cross occurs when a short-term moving average such as the 50 MA falls below the long-term moving average.
In the case of XRP, the hourly moving average 50 has fallen below the 200 MA, creating a death cross.
The XRP price has steadily dropped since a high of $3.10 on Oct. 2. The drop reached a low of $2.78 in today's trading session as the broader crypto market saw a retreat. Traders are currently eyeing Fed Chair Jerome Powell’s remarks for clues on Fed policy amid data gaps from the government shutdown, which has now entered its ninth day.
Recently released Fed minutes indicate that while officials were united in their drive to lower interest rates in September, they were divided over how many rate cuts they should enact from October onward.
Federal Reserve Chair Jerome Powell will speak at the Community Bank Conference in Washington today.
What's next?
At press time, XRP was down 2.54% in the last 24 hours to $2.79 and down 5.7% weekly.
According to Ali, a crypto analyst, XRP could find support at $2.73. If it holds, a rebound to $3.10 is likely.
On the other hand, sellers will attempt to strengthen their positions by pulling the price below the $2.69 support. If they succeed, XRP may start a downward move toward $2.33.
This negative view might be invalidated in the short term if the XRP price turns upward and closes above $2.73, as previously stated. This could catapult XRP to $3.20 and subsequently to $3.38.
As reported, Ripple announced its collaboration with Bahrain FinTech Bay to accelerate crypto adoption and introduce RLUSD to key financial institutions in the Middle Eastern country.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team