XRP Price Faces Bearish Death Cross Despite Bullish Factors
The XRP price has dropped by over 35% from its peak this year.A death cross pattern on the daily chart suggests more declines, despite some positive news.
The Ripple (XRP) token was trading at $2.3700 on October 19, up 33% from its lowest point this month. This price aligns with the ultimate support of the Murrey Math Lines tool. However, the death cross pattern is a bearish signal. It occurs when the 50-day and 200-day Weighted Moving Averages cross downwards.
The XRP price is below the key resistance level of $2.70, indicating a descending triangle pattern. This suggests further price drops. The coin has also invalidated the impulse phase of the Elliot Wave pattern, increasing the risk of a fall towards the $2 mark.
Despite the bearish technicals,Ripple has several bullish catalysts. There are rumors that Ripple Labs might launch a $1 billion fund to buy XRP, boosting demand. Companies like SBI Holdings and Trident Digital have announced XRP treasuries.
Spot XRP ETFs could also boost the price. the REX-Osprey XRP ETF has seen $88 million in inflows. Ripple Labs’ recent acquisitions, like GTreasury for $1 billion, will help move money globally faster and cheaper. These moves will create value for the XRP Ledger network.
