XRP completed a death cross on its hourly chart after selling pressure intensified this week.
The 50 MA has fallen below the 200 MA on the hourly chart, indicating a death cross. This follows four straight days of declines from Tuesday to Friday, with XRP reaching a low of $1.11.
XRP gave back more of last week’s rally, which saw it rise to a high of $1.29 on June 15. XRP price began its rebound on June 11 from a low of $1.09, reaching the daily MA 50 where it encountered resistance. The rally faced selling pressure, with XRP declining and a short-term death cross appearing in the aftermath.
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XRP has failed multiple times since mid-May to surpass the daily MA 50, currently at $1.29, highlighting it as a key level for short-term price action. The cryptocurrency continues to trade in a range with support at $1.05 and resistance at $1.29.
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XRP’s price currently trades up 1.24% in the last 24 hours to $1.14 as the broader crypto market saw a relief rally. If the price increase continues, a decisive break above $1.29 might begin a fresh recovery for XRP towards a target of $1.54 (the daily MA 200) and then $2.
In the event XRP price falls further, the $1 price point will likely be the next support level for bulls.
XRP and Ripple news
As part of the broader security work around XRPL’s Lending Protocol and Single Asset Vaults, Common Prefix has announced a collaboration with the RippleX team to formally verify critical components of the Lending Protocol in Lean4.
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This week saw the launch of version 3.2.0 of xrpld, which is primarily a cleanup and maintenance release. It retires amendments that have been activated for over two years, continues the modularization of libxrpl, and renames rippled to xrpld per XLS-0095. It also introduces the fixCleanup3_2_0 amendment, which bundles bug fixes affecting Single Asset Vaults, the Lending Protocol, the permissioned DEX, Multi-Purpose Tokens, and permissioned domains.
Ripple announced its investment in Flutterwave as part of its Series E funding round, a deal centered on expanding the use of stablecoins for cross-border payments. Flutterwave will also connect to Ripple Payments and use the XRP Ledger blockchain to process transactions.