XRP Confirms Death Cross, Is $1 Next Level?

$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.

$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.

$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.

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.