Cryptocurrency XRP (CRYPTO: $XRP) has declined nearly 10% in recent days and is close to forming a bearish “death cross.”
The death cross is a negative technical pattern that forms when an asset’s 50-day simple moving average crosses below its 200-day simple moving average.
XRP has not formed a death cross since May of this year, which occurred amid the chaos caused by U.S. President Donald Trump’s tariffs.
The death cross is a widely watched indicator suggesting that short-term price momentum is weakening and likely to lead to an extended downturn.
The looming and ominous death cross for XRP, along with a broader downturn in digital assets, adds to the gloomy sentiment surrounding cryptocurrencies right now.
XRP is the payments-focused cryptocurrency that Ripple uses to facilitate cross-border payments and financial transactions.
Year-to-date, XRP’s price is down 24% and trading at $2.26 U.S. per share.
The decline in XRP comes as Bitcoin’s price slides to $103,000 U.S., its lowest level since June of this year amid rising negativity towards crypto.
