XRP Price Analysis: Daily Death Cross Signals Potential 43 Cent Drop
The post XRP Price Analysis: Daily Death Cross Signals Potential 43 Cent Drop appeared first on Coinpedia Fintech News
XRP Price, after failing to break the 54-cent mark over the past five weeks, appears poised for a further decline, creating an opportunity for more buyers to enter the market before an impending breakout. According to the most recent market data, XRP traded at approximately $0.497 during Wednesday’s early London session. With a decline of around 4.4 percent in the past seven days, XRP’s short-term outlook shows notable weaknesses.
Moreover, the daily 50-day and 200-day moving averages are on the verge of forming a “death cross,” which could significantly reinforce the weekly death cross that has persisted year-to-date. However, due to increased demand for XRP among institutional investors, the anticipated sell-off may not be as severe as in the meme coin industry. Consequently, crypto analysts have identified the support zone around 43 cents as the next level of interest, and XRP’s price is expected to gather the strength to rebound.
The XRP price action undeniably hinges on Bitcoin dominance, especially if it falls below the year-to-date rising trend. Furthermore, a further decrease in Bitcoin dominance could trigger a long-awaited recovery of altcoins during the fourth quarter of 2023. Bitcoin dominance remains at approximately 50 cents as the industry eagerly anticipates spot ETF decisions from the United States Securities and Exchange Commission (SEC) next month.
