【XRP and Bitcoin Form Golden Cross, What’s Next?】
A "golden cross" has appeared in the trading of XRP against Bitcoin (BTC), where the 50-day simple moving average (SMA) has crossed above the 200-day SMA. This technical pattern is typically viewed as a bullish signal, indicating potential upward momentum. Recently, XRP has shown strong performance, particularly in the altcoin bull market, as funds have flowed from Bitcoin to cryptocurrencies like XRP.
The price of XRP surged to $1.63 on November 23, reaching the highest point since May 2021, continuing the upward trend from the low of $0.50 on November 5. At the same time, SEC Chairman Gary Gensler announced his resignation, which also brought positive market sentiment for XRP.
XRP/BTC has performed remarkably in recent times, significantly rising since November 12, reaching a peak of 0.00001653 on November 23, coinciding with the appearance of the "golden cross". However, XRP/BTC needs to break through the key resistance level of 0.0000163 to move further upward. If it can surpass that level, it will confirm greater upward potential; otherwise, it may face adjustment pressure.
Although the "golden cross" suggests a bullish trend, it does not guarantee future gains. As of now, XRP/BTC has slightly pulled back, declining 2.59% to 0.00001465 within the day, and the market is closely monitoring its next moves.