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An hourly death cross has emerged on XRP's chart as the crypto market deepened losses early Saturday. The 50 MA on the hourly chart has fallen below the 200 MA, indicating a death cross.
Cryptocurrencies and crypto-related stocks fell alongside a broader risk-off move in markets, with XRP trading in the red.
At the time of writing, XRP was down 8.07% in the last 24 hours, extending its weekly losses to nearly 11%. The recent losses pushed most altcoins into the red on a weekly basis, erasing an outperformance that had been an encouraging signal.
Saturday's sell-off, which saw over $515 million in total liquidations in the last 24 hours, comes as investors considered recent macro concerns. About $128 billion in value was erased from the total crypto market capitalization, according to data from CoinGecko.
A hotter-than-expected 0.5% jump in producer prices further contributed to the sell-off, as traders interpreted the recent data as inflationary pressure that may keep the Fed from cutting rates anytime soon.
The losses extend a months-long sell-off in crypto markets since last October.
Support is expected at the $1.11 level from where the XRP price sharply rebounded on Feb. 6 ahead of $1. The positivity is that the hourly RSI has fallen to the deeply oversold level of 18, indicating the potential of a relief rally in the coming sessions. The next resistance levels for XRP are at $1.67 and $2.27.
XRP news
Flare announces a new shift for XRP holders through Flare Smart Accounts, allowing users to deposit XRP into an on-chain DeFi vault and earn yield directly from their XRPL wallet, without creating a new wallet, bridging manually or managing gas tokens.
The XRP Ledger Foundation has released a post mortem report on the batch amendment incident. On Feb. 19, a critical logic flaw was identified in the signature-validation logic of the XRPL batch amendment.
The bug allowed an attacker to execute inner transactions on behalf of arbitrary victim accounts without their private keys, enabling unauthorized fund transfers and ledger state changes. The amendment was in its voting phase and had not been activated on the mainnet, so no funds were at risk.