XRP has experienced a death cross on its hourly chart as the cryptocurrency market faces intensified sell-offs, resulting in over $515 million in liquidations within the last 24 hours. The 50-day moving average has fallen below the 200-day moving average, signaling potential further declines. XRP is currently down 8.07% in the past 24 hours, extending its weekly losses to nearly 11%. The broader crypto market has seen a significant downturn, with approximately $128 billion wiped from the total market capitalization. This decline is partly attributed to a hotter-than-expected 0.5% increase in producer prices, which has raised concerns about inflationary pressures and the potential for the Federal Reserve to maintain current interest rates. Despite the downturn, XRP's hourly RSI indicates a deeply oversold condition, suggesting a possible relief rally. Key support and resistance levels for XRP are identified at $1.11, $1.67, and $2.27.
XRP Faces Death Cross Amid $515 Million Crypto Liquidation
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