As a seasoned researcher with a penchant for deciphering market trends and patterns, I find myself intrigued by the impending “golden cross” in XRP‘s Bitcoin pairing. With my years of experience, I’ve learned to read these technical indicators like tea leaves, and let me tell you, this one looks promising.
The digital currency XRP is almost forming a technical figure called a “golden cross” relative to Bitcoin (BTC). This pattern, commonly viewed as a positive sign, arises when a quick-moving average surpasses a slow-moving average, suggesting possible price growth ahead.
In terms of the XRP versus Bitcoin (BTC) chart analysis, the 50-day Simple Moving Average (SMA) has started to rise and is projected to surpass the 200-day SMA in the near future. Currently, both moving averages are drawing closer together, which indicates that a golden cross might occur soon. This potential golden cross could lead to additional price increases for XRP against Bitcoin, assuming the overall cryptocurrency market remains positive.
At the moment when XRP and other alternative coins are seeing surges, there’s a chance for a “golden cross” formation.
Based on Santiment’s analysis, while Bitcoin has been grabbing headlines for its historic achievements, coins like XRP are swiftly increasing their market capitalizations. As long as Bitcoin holds its support at around $95,000, it’s likely that November will see profits shifting towards altcoins.
XRP gains ground against Bitcoin
XRP is making progress relative to Bitcoin, showing stronger performance in both weekly and monthly returns. In the past week, XRP has surged by approximately 61%, while Bitcoin has only seen a 9% increase over the same timeframe.
Since November 12th, the value of XRP relative to Bitcoin has been climbing upwards. In today’s trading, it peaked at approximately $0.00001522 – a level not reached since the beginning of December 2023.
In the past 24 hours, several alternative cryptocurrencies surged following news that SEC Chairman Gary Gensler intends to resign.
On Friday, Ripple saw a surge of up to 30%, likely due to the remarks made by Gensler the previous day. Ripple is currently embroiled in an extended legal dispute with the SEC regarding the classification of digital assets.
Currently, as I’m typing this, XRP has increased by 25.76% over the past 24 hours, with a value of approximately $1.42. Meanwhile, Bitcoin is being traded at around $97,563, having previously touched an all-time high of $99,543.
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2024-11-22 18:27