Alert: XRP Price Risking a Potential Crash with Death Cross Formation

XRP is currently facing potential risk as a death cross formation hints at a possible price decline. Crypto analyst Umair shares insights on recent trends, detailing how this setup could precede a price drop similar to previous instances. Another analyst, CasiTrades, suggests that a key support level might establish a potential bottom for XRP price.

Key Takeaways

XRP is showing signs of a death cross, which historically led to a 15% price drop.
The price is currently fluctuating between $1.90 and $2.08, a critical range for future movement.
A possible bottom is predicted at $1.65, as indicated by analyst CasiTrades.
XRP's price currently stands at approximately $2.17, down over 3% in the last 24 hours.

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XRP Price Risk with Death Cross Formation

Crypto analyst Umair has identified a concerning trend forming in the XRP market—a death cross on the daily chart. This technical pattern, he noted, previously resulted in a significant 15% drop in the altcoin's value. He pointed out that if the price follows a similar trajectory, it might decline to the $1.50 area.

Umair elaborated that XRP is currently trading in a tight band between $1.90 and $2.08, which he views as a crucial level for decision-making. If XRP can consistently trade within this range, it might establish the necessary foundation for a more stable base over the coming month.

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Source: Chart from Umair on X

Conversely, if XRP fails to maintain this price range, a downward spiral to the $1.50 level becomes more likely, aligning with prior breakdown analyses. Umair also introduced an alternative scenario: should XRP dip below $1.82 but recover back into the $1.90 to $2.08 range, this could indicate a potential bottoming out. However, sustaining a closure below this range would compromise its integrity, leading to a potential plunge. Notably, XRP did dip to $1.80 last week before recovering the psychological $2 mark.

Could $1.65 Mark the Bottom for XRP?

Another crypto analyst, CasiTrades, highlights that the macro .618 support level around $1.65 might serve as a significant bottom for XRP. She observed the altcoin is currently experiencing a relief bounce in its subwave 4, forecasting a backtest of the $2 or $2.09 resistance before it ultimately descends to complete its final correction wave at $1.65.

CasiTrades noted that this analysis is consistent with Bitcoin's movements. She explained that Bitcoin is nearing its own macro .382 retracement but has not fully reached it. The analyst anticipates Bitcoin will complete its correction at $80,000 as XRP approaches $1.65. Once these milestones are achieved, she expects the market structure to quickly pivot to bullish conditions.

CasiTrades forecasts that as Bitcoin embarks on its Wave 5 toward new highs, XRP and other altcoins will begin their macro Wave 3, advancing together albeit with varying strengths due to their distinct positions within the broader market cycle.

As of now, the XRP price is around $2.17, reflecting a decrease of over 3% within the past 24 hours, according to data from CoinMarketCap.

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XRP trading at $2.20 on the 1D chart | Source: XRPUSDT on Tradingview.com