The popular cryptocurrency XRP may be facing a severe 50% crash from its recent price. While not set in stone, like everything in this market, at least such a possibility signals a death cross pattern that has formed on the price chart of XRP on a two-day time frame.
What happened is that the 23-day moving average crossed the 50-day moving average from above to below, forming a death cross - a bearish formation that is considered a grim event that precedes a price correction.
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If we take this as a given, it could mean that the price of XRP will fall, and looking at the chart, it appears that the potential for a decline could be as high as 50%, with the 200-day moving average acting as a possible support.
And this price curve is currently stretched at $1.11, while XRP is trading slightly below the $2.30 level.
Source: TradingView
It is worth noting that on other major time frames, things do not look so bad for the third largest cryptocurrency.
For example, on the daily time frame, the 200-day moving average for XRP is at $1.66, which is 26.27% below the current price. On the weekly chart, the price of XRP recently tested the 23-day moving average at around $2 and saw a big bounce of 18.84%.
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On the one hand, the two-day time frame is rather exotic and may need more study for the determination of a concrete conclusion.
On the other hand, XRP still looks rather bearish on other time frames at the moment, and while the correction may not be as severe as 50%, there is still room to fall.
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