XRP Price Holds Above $1, But Death Cross Looms

Crypto market sentiment remains bearish as XRP price continues to hold above $1 for its 635th day, but chartists warn of a potential warning sign.

XRP's recent price action shows a small bounce today, trading around $1.0046 after opening at $0.9935 and dipping to an intraday low of $0.9882. However, the token's 50-day exponential moving average is below its 200-day EMA, a pattern known as a death cross that suggests sellers are in control.

The weekly chart paints a more dire picture, with XRP's 50-week EMA still above its 200-week EMA, but the gap has been closing for months. The Average Directional Index (ADX) now reads 33.7, signaling a strong trend reading pointed in the wrong direction for anyone long the token.

The calendar isn't offering much help either, with the Senate's crypto market structure bill stalled and the SEC pulling its own vote on new crypto-startup fundraising rules. Whales have bought approximately 380 million XRP near the $1 level over the past week, but they're doing it alongside $1.5 billion in freshly opened leveraged long positions.