XRP Under Pressure: Death Cross Looms as Price Struggles to Break $0.55

The XRP price is facing mounting bearish pressure, with technical indicators suggesting a potential downturn. The formation of a death cross on the daily chart, coupled with the failure to break the $0.55 resistance level, has fueled concerns about further price corrections.

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The death cross, a bearish signal formed when the 50-day moving average crosses below the 200-day moving average, indicates a potential shift in momentum from bullish to bearish. This pattern, combined with the recent rejection at $0.55, suggests that sellers may be gaining control of the market.

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Moreover, the critical support level at $0.52 remains a key factor in determining XRP’s short-term trajectory. If the price breaks below this level, it could trigger further downward pressure, leading to a deeper correction.

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Traders and investors are closely monitoring these developments to gauge the future direction of XRP. The coming days will be crucial in determining whether XRP can overcome these challenges and regain its upward momentum or succumb to the growing bearish sentiment.