According to U.Today, the XRP chart has shown a bearish divergence pattern on its 60-minute chart, as reported by the 100eyes Crypto Scanner. This pattern is determined by the relationship between the cryptocurrency's price and the Relative Strength Index (RSI) oscillator, a tool used to ascertain if an asset is oversold. The bearish divergence pattern emerges when a cryptocurrency's price hits new highs while the oscillator records a lower high. This can suggest a price downtrend as it often indicates a decrease in bullish momentum. In this instance, XRP marked a lower high on the oscillator after an earlier surge.
Trader Mikybull recently suggested that XRP's situation could become 'interesting' as the breakout of the current RSI resistance level seems imminent. Meanwhile, CoinGecko data shows that XRP has risen by nearly 4%, making it one of the best-performing cryptocurrencies over the past 24 hours, along with Solana (SOL). Earlier this Monday, XRP peaked at $0.5671. At the same time, Bitcoin has fallen by 1.3% over the same period, with XRP gaining approximately 5% against Bitcoin.
This lack of correlation has left some community members puzzled, especially as there have been no new legal developments in the SEC v. Ripple case. It's important to note that the Ripple-affiliated cryptocurrency has experienced nine consecutive months of decline. Whether it can outperform Bitcoin this May and break this negative trend remains to be seen.
