Saad Ullah
XRP (XRP), the third-largest cryptocurrency, has formed a bearish death cross pattern against Bitcoin while processing an impressive 2.59 million daily transactions.
XRP Shows Bearish Signal Against Bitcoin
Crypto markets took a beating this week, with XRP forming a "death cross" against Bitcoin on the hourly chart. This technical pattern occurs when the 50-hour moving average crosses below the 200-hour moving average, typically signaling potential downside ahead.
Wednesday was particularly brutal for crypto, with over $976 million in liquidations according to CoinGlass data. This massive selloff created widespread pressure across major cryptocurrencies including XRP.
However, there's an interesting disconnect here. On July 24, XRP's network handled 2.59 million transactions - the highest daily count in three months. So while price charts look bearish, actual network usage is surging.
XRP Price Pulls Back After Strong Rally
XRP is experiencing its first major correction after rallying above $3.60 earlier this month. The price has dropped to around $3.14, but this feels more like a healthy cooldown than panic selling.
The token remains above its 21-day EMA at $2.91, which has provided solid support during this uptrend. The recent rally came with strong volume, suggesting institutional involvement rather than just retail FOMO. While volume has cooled, it hasn't disappeared entirely.
The RSI sits at 59 after cooling from overbought levels, giving the market room to reset without breaking the bullish structure.
XRP Network Activity Hits New Highs
Here's what's really interesting: XRP's network just recorded nearly 20.6 million transactions in a single day - the highest this year. This activity continued even during the price decline, showing genuine utility beyond speculation.
The $2.90 to $3.00 range is the key level to watch. If XRP holds above this zone, it could set up for another leg higher. The price remains above major moving averages in a bullish alignment.
A break below the 50-day EMA at $2.49 would signal deeper trouble, but current support levels suggest XRP could recover once selling pressure subsides. The combination of strong on-chain activity and technical support levels positions XRP for potential upside once market conditions stabilize.
Saad Ullah
