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XRP Threatens Death Cross On 4-Hour Chart, Is Another Crash Coming?

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XRP’s price action has taken a sharp downturn in the past 24 hours to extend its seven-day losses. Notably, this downturn has seen the asset slipping below a critical support level at $2.50 after weeks of intense work to break above it. This break below $2.50 opens the risk of a continued fall to retest the following key support range between $2.25 and $2.30. Notably, the bearish sentiment surrounding the asset is further reinforced by technical analysis of the 4-hour and daily charts indicating a looming death cross.

Death Cross Looms, Signaling Further Weakness

One of the most alarming developments for XRP is the imminent formation of a death cross on the 4-hour chart. This death cross is revealed through an analysis of the price chart on the TradingView platform, which shows that the 50-day moving average is on the verge of crossing below the 200-day moving average.

The crossover of the 50-day MA below the 200-day MA is widely viewed as a bearish signal, as it suggests that momentum is shifting in favor of the bears. What this means is that the ongoing power tussle between the bears and the bulls might now be falling in the way of the bears, which might fully extend the ongoing price decline and cause another price crash.

Should the bears persist in their dominance, the price of XRP could potentially breach the minor support levels at $2.30 and $2.25. If this level fails to hold, it may drop to $1.91 and essentially erase all of its gains in the past two months. The altcoin is now struggling to maintain key structural patterns on the daily chart, and a price close below $1.91 could cause the invalidation of bullish

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Author: Scott Matherson

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