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Cryptocurrency News Articles

XRP (XRP) Is on the Verge of a Golden Cross Against Bitcoin (BTC)

Nov 23, 2024 at 03:01 am

This pattern, often seen as a bullish signal, occurs when a short-term moving average crosses above a long-term moving average, indicating potential upward momentum.

XRP (XRP) Is on the Verge of a Golden Cross Against Bitcoin (BTC)

Cryptocurrency XRP is nearing a technical formation in its Bitcoin (BTC) pairing, known as a "golden cross." This pattern, often signaling bullish momentum, occurs when a short-term moving average crosses above a long-term moving average.

On the XRP/BTC chart, the 50-day simple moving average (SMA) has turned upwards, poised to move above the 200-day SMA in the coming days. Both moving averages are converging, indicating an imminent golden cross. For XRP, this could herald further price gains against Bitcoin, especially if the broader cryptocurrency market remains favorable.

The potential for a golden cross comes at a time when XRP and other altcoins are rallying. According to crypto analytics firm Santiment, "While eyes have been on Bitcoin making history, altcoins like XRP are growing their respective market caps rapidly. As long as BTC maintains a $95,000 support, expect November profits to continue redistributing to altcoins."

XRP rises against BTC

XRP has been gaining against Bitcoin since November 12, reaching a high of $0.00001522 in today's trading session—a level last seen in early December 2023.

Several altcoins soared in the last 24 hours after SEC Chair Gary Gensler announced that he plans to step down. XRP surged by as much as 30% on Friday following Gensler's statement the day before. Ripple has been embroiled in a lengthy legal battle with the SEC over the status of digital assets.

At the time of writing, XRP was up 25.76% in the last 24 hours, trading at $1.42. Meanwhile, Bitcoin was trading at $97,563 after reaching all-time highs of $99,543.

News source:www.investing.com

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