Peter Smith
XRP just flashed a death cross on its hourly chart, sending shivers down traders' spines, but the fourth-largest crypto by market cap might already be cooking up a comeback.
XRP (Ripple) Death Cross: What's Got Traders Spooked
So here's what's happening with XRP right now. The coin just triggered what traders call a "death cross" on the hourly chart - basically, the 50-day moving average dipped below the 200-day moving average. Sounds scary, right? Well, it kind of is if you're looking for quick gains.
This technical pattern usually screams "sell signal" to most traders, especially when it happens alongside weak volume and a generally crappy market mood. When you see a death cross on shorter timeframes like the hourly chart, it's basically the market's way of saying "hey, we might be heading lower for a bit."
Things got even messier when XRP's trading volume tanked by 41.52% to just $2.55 billion in 24 hours. Friday's market bloodbath didn't help either - we saw over $1.16 billion get liquidated across crypto, which left everyone pretty gun-shy about making big moves.
XRP's Rough Week: Four Days of Pain, Then a Glimmer
Let's be real - XRP has been through the wringer lately. The coin got hammered for four straight days from June 10 to 13, and prices just kept sliding lower. Not exactly the kind of action that gets bulls excited.
But here's where it gets interesting. Right now, XRP is showing some fight, climbing 1.79% in the last 24 hours to sit at $2.16. It's not much, but hey, at least it's moving in the right direction for once.
XRP (Ripple) Next Move: Death Cross Might Not Stick Around
Here's the thing about death crosses on hourly charts - they're kind of like that friend who threatens to leave the party but ends up staying until 3 AM. They don't always have the staying power of signals on longer timeframes.
If XRP can keep this little rally going and punch through the hourly moving averages at $2.16 and $2.22, we could see it make a run toward $2.33 and maybe even $2.65. The hourly RSI is hanging out just above 50, which suggests we might see some sideways action before the next big move.
The real test is going to be that $2 support level. Bulls are probably going to fight tooth and nail to keep XRP above it. But if that level cracks and we see a clean break below, things could get ugly fast with $1.61 looking like the next stop. The next few trading sessions are going to tell us whether XRP can shake off this bearish vibe or if we're in for more downside.
Peter Smith
