XRP has completed a death cross on its daily chart, a bearish signal where the 50-day moving average falls below the 200-day average. The crossover occurred near $1.37, and XRP is currently trading at $1.30, well below both averages. The cryptocurrency has faced significant pressure, dropping 15% over the past 30 days, 29% since the start of the year, and 48% over the last year. The latest bounce failed near $1.40, where multiple moving averages now act as resistance.
The technical damage is evident beyond the death cross. Trading volume has plummeted since August's surge, indicating weak buyer interest. The Relative Strength Index (RSI) sits near 40, suggesting XRP is weak but not yet oversold. Key support levels include $1.25, the latest low where buyers stepped in twice, followed by $1.20, $1.15, and $1.00, a major round number that held in August.
On the upside, XRP must first reclaim $1.33 to gain momentum. A clean close above $1.37 to $1.40 would weaken the death cross signal and potentially push the price toward $1.50 and $1.65, the October high. Derivatives data shows mixed signals, with long-to-short ratios above 3 on Binance and OKX, indicating most traders are betting on a rise. However, this could be risky in a downtrend, as crowded longs often get flushed out.
In the past 24 hours, longs accounted for most of the $7.25 million in liquidations. Futures flows also show net outflows over the past 4 to 8 hours. For now, the trend favors sellers, and bulls need a strong close above $1.40 to reverse it. Until then, $1.25 remains the critical level to watch.