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With all the recent perturbations in the cryptocurrency market, the price charts of digital assets look confusing, to say the least. One of the most baffling scenarios is XRP’s performance against Bitcoin.
Right now, the price of the altcoin is estimated at 0.0000262 BTC. Worth mentioning, three months ago, the market was giving 0.000009 BTC for 1 XRP. At that time, XRP was trading at around $0.6, and no one, except the community of enthusiasts around the coin, was paying attention to it.
Gamza KhanzadaevBut after a 500% rally, the situation has changed.
Back then, on a 12-hour time frame, XRP was trading below its 200-day moving average against Bitcoin. It then broke out in a sharp upward move, traded above the average for a while, and eventually dropped back to the moving average.
Currently, on the four-hour chart, XRP is trading below its 200-day moving average, which is bearish.
On the daily time frame, it is below the 23-day moving average and formed a death cross two weeks ago after colliding with the 50-day moving average. The 200-day moving average is 34.24% lower on the daily time frame at 0.0000173 BTC for XRP.
So, as you may see — the situation is extensive. There is strong support on the 12-hour time frame, but the outlook on the other time frames is less favorable. Adding to the complexity is the fact that spring is traditionally a prosperous period for cryptocurrencies, including XRP and Bitcoin.
This leaves the market with a critical question: Is XRP on the verge of another golden bull rally, or is the altcoin about to take a miserable tumble?
Arman ShirinyanTechnical indicators present a mixed picture, with both bullish and bearish signals in play. Traders and investors must weigh the potential for a breakout against the risk of further downside.
As the market watches closely, XRP's next moves against Bitcoin could set the tone for the broader altcoin market in the coming weeks.
Dan Burgin
Vladislav Sopov