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XRP is trading at a 5.11% premium to Bitcoin (BTC) today, and that is quite telling. It is now almost five months since the third largest altcoin has outperformed the leading cryptocurrency, and despite all the recent market turbulence, the trend continues.
Right now, XRP is just 17% away from its local high of 0.000034 BTC, which further shows its strength, as it is 29.77% away from its all-time high against the dollar, while Bitcoin is 21.51% away from its historical high.
Arman ShirinyanToday is another day where XRP has shined green against its major counterpart. There is clearly a bidding war going on in the altcoin's order books, and the arithmetic is simple, as Bitcoin loses 1.25% over the course of the day and XRP adds 3.6% on the opposite side.
This trend continues as there is a golden cross forming on the daily time frame of the XRP/BTC chart. A golden cross is a technical pattern that occurs when a lower-order mean crosses a higher-order mean from the bottom to the top.
In this case, it is a 23-day moving average against a 50-day moving average. The formation of a golden cross signals a short-term upward shift and often precedes a rally in the price of the asset.
Gamza KhanzadaevTherefore, it can be concluded that XRP is poised to continue outperforming Bitcoin, at least in the short term.
Considering the news background against XRP and Ripple, the company associated with the popular cryptocurrency, and what is happening on the price chart of the altcoin against both USD and BTC, it can be said that it is definitely going to continue making headlines.
Dan Burgin
Vladislav Sopov