XRP Under Pressure Against Bitcoin After Confirming Death Cross

XRP is under pressure against Bitcoin after recently confirming a death cross on its daily chart, a bearish technical signal where the 50-day

XRP price is trading in oversold territory on Sunday, approaching the 30 level on the Relative Strength Index (RSI). The cryptocurrency could be due for a rebound as the RSI may signal that the selling pressure is exhausting.

The Relative Strength Index (RSI) on the daily XRP/BTC chart is now approaching oversold territory (typically below the 30 level), suggesting that selling pressure could be exhausting, and a rebound may be imminent.

Also, while the daily chart shows weakness, the weekly XRP/BTC chart has formed a golden cross, a bullish counterpart to the death cross, offering bulls hope in the long term. This occurs when the 50-week moving average crosses above the 200-week moving average, often viewed as a signal of long-term strength and a potential trend reversal.

Crypto market in red

The broader crypto market fell in the early Sunday session, with $210 million in liquidation, according to CoinGlass data.

The crypto market saw profit-taking over the weekend after a rally in the past week, with major coins dropping. Bitcoin price fell after reaching a new all-time high of nearly $112,000.

At the time of writing, XRP was down 2.09% in the last 24 hours to $2.3 and up 4.31% weekly. Bitcoin steadied near $107,000 after an intraday drop to lows of $106,750, trading down 1.03% in the last 24 hours to $107,597.

Market sentiment remains cautious with investors assessing macroeconomic and technical indicators to decide the next move.