XRP has executed a death cross on its hourly chart following a surge in selling pressure this week. The 50 MA has declined beneath the 200 MA on the hourly chart, signalling a death cross. This follows four consecutive days of declines from Tuesday to Friday, with XRP hitting a low of $1.11. XRP retraced a portion of the gains from last week’s rally, which had propelled it to a peak of $1.29 on June 15. XRP price initiated its recovery on June 11 from a low of $1.09, subsequently approaching the daily moving average of 50, where it faced resistance. The rally encountered selling pressure, as XRP experienced a decline and a short-term death cross emerged in the aftermath.
XRP has encountered several obstacles since mid-May in its attempts to exceed the daily MA 50, presently positioned at $1.29, underscoring its significance as a pivotal level for short-term price dynamics. The cryptocurrency persists in its trading range, exhibiting support at $1.05 and encountering 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 experienced a relief rally. If the price increase continues, a decisive break above $1.29 might initiate a new recovery for XRP towards a target of $1.54 (the daily MA 200) and subsequently $2.
Should the price of XRP decline further, the $1 threshold is expected to serve as the subsequent support level for bullish investors. In the context of ongoing security enhancements related to XRPL’s Lending Protocol and Single Asset Vaults, Common Prefix has revealed a partnership with the RippleX team aimed at the formal verification of essential elements of the Lending Protocol using Lean4. This week marked the introduction of version 3.2.0 of xrpld, which serves mainly as a cleanup and maintenance release. It retires amendments that have been in effect for more than two years, advances the modularisation of libxrpl, and rebrands rippled to xrpld in accordance with XLS-0095.
It also introduces the fixCleanup3_2_0 amendment, which consolidates bug fixes impacting Single Asset Vaults, the Lending Protocol, the permissioned DEX, Multi-Purpose Tokens, and permissioned domains. Ripple has disclosed its investment in Flutterwave during the Series E funding round, a transaction aimed at enhancing the adoption of stablecoins for cross-border payments. Flutterwave will also connect to Ripple Payments and utilise the XRP Ledger blockchain for transaction processing.