With its price falling by almost 7% in the last day, XRP is under tremendous market pressure. However, there is a bright spot: the dreaded death cross is not yet imminent. A death cross is generally regarded as a strong bearish signal, and it happens when the 50-day moving average crosses below the 200-day moving average.
Because this technical pattern has not yet appeared, it may be a sign that the market rally was overextended or that the current downtrend is merely a transient overcorrection. XRP's current technical setup is far from promising, even though it managed to avoid a death cross.
XRP/USDT Chart by TradingView
The asset is now getting close to the 200-day EMA, which has historically served as crucial support after losing important support levels. Rapidly declining market sentiment is a result of the buy the dip strategy not producing the anticipated respite.
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Losses are getting worse and selling pressure is getting stronger rather than buyers stepping in. The overall state of the market is one of the main causes of XRP's difficulties. The entire cryptocurrency market is experiencing a strong sell-off as risk appetite is declining and liquidity is drying up. It is still unclear if XRP will be able to stage a significant recovery until buyers come back in force or sellers clear out their positions.
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The lack of a death cross provides some hope for the time being, but it does not alter the fact that XRP is in a precarious position. Traders should not expect an instant retrace until the market stabilizes and selling pressure subsides. Watching whether XRP can maintain its current range or if the losses will keep coming down and push prices even lower is crucial.
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