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- In the last 24 hours, the XRP price has crashed 4.82 percent, with its price falling to $0.475.
- The XRP price shows imminent signs of forming a death cross pattern hinting at a prolonged downtrend.
Ripple’s native cryptocurrency XRP has seen a massive surge in trading volumes over the last 24 hours hinting at a major surge in trader interest in the asset class.
In the past 24 hours, XRP trading activity surged, reaching a total of $1.08 billion in trading volume as traders speculated on market movements. This substantial trading volume translated to 2,278,436,435 XRP tokens being exchanged between buyers and sellers. Notably, XRP emerged as the most actively traded asset on Bithumb, one of South Korea’s prominent cryptocurrency exchanges.
The XRP/USDT trading pair on Binance led the way in terms of trading volume, with approximately $203 million changing hands. Following closely was the XRP/KRW pair on Bithumb, with nearly $50 million in trading volume. Additionally, the XRP/USD pair on Coinbase also saw increased activity, securing the third position in terms of trading volumes as XRP gained popularity on the platform.
XRP Price Crashes Under $0.50
Over the past 24 hours, XRP has experienced a decline of 4.82 percent, with its price falling to $0.475. This drop marks the first time XRP has dipped below the $0.50 threshold since July 13. During today’s trading session, XRP reached its lowest point at $0.459, breaching the $0.517 level, which aligns with the daily Moving Average (MA) 200.
Apart from a significant price dip observed on August 17, the last time XRP traded below the daily MA 200 was back in March 2023. Following its substantial spike to $0.94 on July 13, XRP has been on a continuous downward trend, concluding August with a 26.76 percent decline. These losses have persisted into September, with XRP down by 8 percent thus far in the month.
Over the weekend, the U.S. Securities and Exchange Commission (SEC) submitted a reply memorandum supporting its motion to certify an interlocutory appeal. Consequently, the SEC has requested that Judge Torres temporarily halt the proceedings to preserve judicial resources.
XRP Chart Shows Death Cross Formation
On its technical chart, XRP price could soon for a death cross, the condition where the 50-day moving average slips under its 200-day moving average. This death cross formation hints at a major bearish sentiment for the asset class.
The XRP price analysis indicates a significant bearish influence and a breach of the $0.46 support level may extend the ongoing downtrend toward the $0.45 threshold. Yet, even at $0.45, the bearish momentum might persist, potentially prolonging the bearish trend. In such a scenario, there could be potential support levels at $0.42 or $0.40. Given these discounted levels, there remains a possibility for the XRP price to initiate a reversal from the support levels situated below $0.45.
