XRP is on the verge of forming a major “golden cross” against Bitcoin. This technical indicator suggests that there could be a significant increase in XRP’s value.
The potential for a golden crossover comes at a time when XRP is showing resistance and gaining momentum alongside the general altcoin rally. According to Santiment, “Altcoins like XRP are rapidly increasing their market caps while we focus on Bitcoin’s historic moments.”
XRP is on the verge of making a significant “golden cross” against Bitcoin, signaling a potential bullish move with its rise in the altcoin market.
XRP has been performing remarkably well against Bitcoin lately, surpassing the leading cryptocurrency Bitcoin in both weekly and monthly gains. While XRP has increased by a massive 61% in the last week, Bitcoin has only increased by 9%.
This upward trend for XRP began on Nov. 12 when it reached a significant level of $0.00001522, a level that had not been reached since December 2023. Investors are observing that XRP’s recent behavior is creating positive momentum that is in line with market sentiments.
The recent statements by SEC Chairman Gary Gensler have ignited bullish spirits in the cryptocurrency market. Gensler’s announcement that he will resign has led to a rapid increase in the value of altcoins, with XRP experiencing a 30% increase in just one day.
Ripple’s ongoing legal battle with the SEC is constantly shaping XRP’s trading dynamics. Currently, XRP is trading at around $1.42, up 25.76% in the last 24 hours, while Bitcoin is trading at $97,563, down from its recent high of $99,543.
In the analysis of the XRP/BTC pair, investors are focused on the 50-day Simple Moving Average (SMA). This indicator is currently showing an upward trend. Analysts note that if the 50-day SMA crosses over the 200-day SMA, the golden cross will be confirmed and could lead to a longer bullish period for XRP.
The combination of these moving averages reinforces the notion that XRP could continue its momentum against Bitcoin, especially if the cryptocurrency market cap stabilizes. Many investors see this as an opportunity to increase their XRP positions.
With XRP continuing its rally, investors are starting to consider its potential impact on the altcoin market. With Bitcoin stabilizing around key support levels, analysts are predicting that XRP could gain more market share than Bitcoin in the short term, especially if regulatory uncertainties become clearer.
Additionally, there is general excitement in altcoins and profits are expected to continue to flow from different altcoin projects, which could increase the potential for XRP’s price appreciation.