Within the last seven days, XRP has experienced price fluctuations, dropping from a peak price of $2.60 to $2.35. Investors are now monitoring the asset’s technical indicators, which suggest the current market situation has triggered a "death cross" setup.
Is XRP likely to face potential bearish trend?
XRP’s nine-day Simple Moving Average (SMA) is on a downward path, and the gap between it and the 21-day SMA is closing. The shorter-term moving average has effectively crossed below the longer-term SMA to validate the death cross on the 4H chart.
XRP Price Chart. Source: TradingView via CoinMarketCap
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This signals likely bearish momentum for XRP. While it is not definitive that XRP’s price would crash, it suggests that the coin could lose momentum on the broader cryptocurrency market.
This setup could trigger XRP's consolidation phase, which could linger for quite a while. Exiting such a bearish setup might require a major ecosystem shift.
As of press time, XRP price was changing hands at $2.42, representing a 1.16% decline in the last 24 hours. The altcoin dropped to $2.35 before rebounding to its current level as volatility continued to impact its outlook on the crypto market.
However, traders have remained unbothered by the volatility as trading volume increased by 31.87% to $5.42 billion within the same time frame.
XRP’s key resistance and support levels
XRP last traded above $3 in January and came close to breaching the resistance in early March. However, it faced rejection at $2.92 and went downward thereafter.
Given the death cross at play, traders might need to monitor between $2.68 and $2.91, a key resistance zone. If XRP, fueled by a volume spike, breaks out above $2.68, it could trigger a potential push toward $2.87.
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The $3 price remains a psychological barrier for XRP and a key level to a bullish run.
In the meantime, $2.20 to $2.30 remains crucial support, as a drop below this range might result in further declines. Market activity, such as whale action, could easily plunge XRP deeper in value.
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