Volumes Plummet Following XRP News: Is the Deathcross a Threat to XRP Price?

The XRP update at the beginning of this week is dismal. We haven’t witnessed the XRPL Volume drop this low in months. It’s over; time to move on.

XRP’s recent increase, climbing 2.18% to $2.18, seems more like a dead cat bounce rather than a reversal. After plummeting to $2.08 last week, the crypto token managed to recover a few cents by Monday. Whether it maintains this level is uncertain.

Nevertheless, even though the price movement appears encouraging, the underlying trading market indicators provide an ambiguous outlook. Here’s what you should be aware of:

XRP News: Trading Volume Dips, Prompting Concerns

XRP volume is rapidly diminishing, down almost 49% from last week, while price ceiling in the $2.50 to $2.60 range has yet to be tested.

For traders bullish about the next price breakout, the real game changer might be a Ripple spot ETF approval rather than genuine retail interest.

XRP’s chart resembles a minefield. The coin is stuck below its 50-day and 200-day moving averages, at $2.26 and $2.34, while volume remains insufficient to break through.

A symmetrical triangle formation is developing, but without increased participation, it’s more of a stalemate than a setup. The concerning factor is a death cross that has just appeared on the daily chart, with the 23-day average crossing below the 50-day—a typical warning sign for downside risk.

DISCOVER: 20+ Next Crypto to Explode in 2025 

Crucial Factors Ahead

XRP’s future heavily relies on two headlines that may—or may not—stand up to further examination.

Ripple has received approval from Dubai for its RLUSD stablecoin, and Webus International has just invested $300 million in XRP as a corporate treasury asset.

However, all attention is on June 17, when a ruling on Franklin Templeton’s proposed spot XRP ETF is anticipated. Approval could bring in significant institutional investments, enhancing available volume.

Exercise Caution

While XRP has shown robustness, short-term traders face pressure to find the right strategy. The existing symmetrical triangle pattern and death cross warrant attention.

A decisive upward movement above $2.27 with strong volume could set the stage for a move towards $2.50-$2.60. On the flip side, if barrier level proves too strong, XRP may be at risk of another dip.

At present, the market seems to be awaiting a catalyst. It’s the calm before the storm.

We’re particularly eager to observe what transpires after 200 days of consolidation and the ultimate blow-off peak for the pump. We can always hope, right?

EXPLORE: XRP Price Jumps 11% After SEC Crypto Unit Tease XRP ETF Progress

The post Volumes Tumble Amid XRP News: Will Deathcross Kill XRP Price? appeared first on 99Bitcoins.