Potential 50% Crash for XRP

The popular cryptocurrency XRP may be facing a severe 50% crash from its recent price. While not set in stone, this possibility indicates a death cross pattern formed on the price chart of XRP on a two-day timeframe.

The Death Cross

A death cross occurs when the 23-day moving average crosses the 50-day moving average from above to below. This bearish formation is often seen as a grim event that precedes a price correction.

If this is taken as a given, it suggests that the price of XRP could decline by up to 50%, with the 200-day moving average potentially acting as a support level.

Currently, XRP is priced around $1.11, while trading just below the $2.30 level.

Other Time Frames

Despite the concerns on the two-day chart, other major time frames present a less dire outlook. For instance, on the daily time frame, the 200-day moving average for XRP sits at $1.66, which is approximately 26.27% below the current price. On the weekly chart, XRP recently tested the 23-day moving average around $2, resulting in a significant 18.84% bounce.

Conclusion

While the two-day time frame is somewhat unconventional and warrants further examination, XRP appears to be bearish on other time frames as well. Although the projected correction may not reach 50%, there remains potential for decline.