XRP Price Forms Death Cross as Whale Activity Increases
Ripple's native cryptocurrency XRP is under pressure after losing support at $3.0. A death cross pattern has formed, indicating a potential trend shift.
XRP Price Analysis
- The current death cross involves the 50 EMA falling below the 200 EMA.
- This marks the third death cross for XRP in August.
- Previous corrections saw XRP drop from $3.12 to $2.93 and from $3.03 to $2.93.
- Current resistance is around the $2.95 Fibonacci level, failing to hold as support.
- Key support is at $2.81; a breakdown could lead to further declines towards $2.72 and potentially down to $2.
Whale Activity
- Recent whale activity shows increased deposits to exchanges, particularly Binance.
- On August 21, inflows rose to 6,293 XRP, a sevenfold increase since August 16.
- Similar spikes have historically preceded price drops.
- If inflows exceed the peak on August 13, it may trigger more aggressive selling pressure.
XRP price chart showing a death cross formation on August 21. | Source: TradingView
XRP’s Whale to Exchange Flow is on the rise, indicating increased activity that could affect price. | Source: CryptoQuant