Saad Ullah
XRP just formed a death cross against Bitcoin on hourly charts while the crypto market saw massive $976 million liquidations, but recovery signals are already showing up.
XRP is having a rough time right now. The third-largest crypto just hit what traders call a "death cross" against Bitcoin – basically when short-term momentum crosses below long-term momentum on the charts. It's not great news, especially with the broader crypto market getting absolutely hammered.
Wednesday was brutal for pretty much everyone. The market saw over $976 million in liquidations according to CoinGlass, and XRP got caught up in all the chaos. The death cross showed up on the hourly chart when XRP's 50-hour moving average dropped below its 200-hour moving average. Think of it as a warning sign that things might get worse before they get better.
Here's what actually went down: XRP crashed against Bitcoin, falling from 0.00002962 to 0.00002598 pretty quickly. At the same time, XRP's dollar price took a 12% hit, dropping from $3.55 to $3.05 during Wednesday's session. Right now, it's trading at $3.21, still down 2.31% from yesterday.
But here's the thing – hourly signals aren't the end of the world. They're more like early warnings than final verdicts. Sometimes they pan out, sometimes they don't.
XRP (Ripple) Price Shows Bounce Back Potential
Despite all the doom and gloom, there might be some good news brewing. After hitting a low of $2.96, XRP bounced back pretty hard. That's usually a sign that buyers are still interested when prices get cheap enough.
The technical picture isn't completely terrible either. Back on July 6, XRP actually started a nice 12-day rally against Bitcoin that lasted until July 17, reaching 0.00003070 before running into resistance. After dropping to 0.00002517 early Thursday, it bounced right back, suggesting that level might be holding as support.
What's really interesting is what the big players are doing. According to crypto analyst Ali, whales bought over 280 million XRP in the past 10 days. When the smart money is buying while everyone else is panicking, that's usually worth paying attention to. The high trading volumes during yesterday's drop also suggest institutional buyers might be stepping in.
What's Next for XRP (Ripple) Price?
So where does XRP go from here? The recent drop could just be a shakeout – one of those quick panic sells that clears out weak hands before the real move happens. Until we get clearer signals, it's hard to say if this death cross means more trouble or if it's just market noise.
The fact that XRP bounced so fast from $2.96 is encouraging. Plus, with whales accumulating and institutions possibly buying the dip, this might not be the start of a major downtrend after all.
Here's the reality check: death crosses on short timeframes can be misleading. What matters more is the bigger picture. XRP had a solid 12-day run recently, and corrections after moves like that are totally normal. The key question is whether buyers keep showing up at these lower levels.
The broader market context matters too. When you've got nearly a billion dollars in liquidations hitting everything at once, it's more about market-wide panic than XRP-specific problems. Sometimes these crazy selling events create opportunities rather than disasters.
For now, XRP holders should probably keep an eye on that $2.96 support level and the 0.00002517 level against Bitcoin. If those hold up, this death cross might turn out to be much ado about nothing. But if they break, well, that's when things could get more interesting – and not necessarily the good kind of interesting.
Saad Ullah
