According to U.Today, XRP is nearing a significant technical pattern known as a "golden cross" in its Bitcoin (BTC) pairing. This pattern, typically seen as a bullish indicator, occurs when a short-term moving average crosses above a long-term moving average, suggesting potential upward momentum. On the XRP vs. BTC chart, the 50-day simple moving average (SMA) is poised to cross above the 200-day SMA, indicating that a golden cross is likely to occur soon. This development could signal further price gains for XRP against Bitcoin, particularly if the broader cryptocurrency market remains favorable.
The anticipation of a golden cross comes as XRP and other altcoins are experiencing notable rallies. According to Santiment, while Bitcoin has been making headlines, altcoins like XRP are rapidly increasing their market caps. As long as Bitcoin maintains a support level of $95,000, profits are expected to continue flowing into altcoins throughout November. XRP has been outperforming Bitcoin in recent weeks, with a 61% weekly gain compared to Bitcoin's 9% increase. Since November 12, XRP has been rising against Bitcoin, reaching a high of $0.00001522 in today's trading session, a level not seen since early December 2023.
In addition to technical patterns, recent developments have also contributed to XRP's surge. Select altcoins, including XRP, soared in the last 24 hours following the announcement by SEC Chair Gary Gensler that he plans to step down. XRP increased by as much as 30% on Friday after Gensler's statement. Ripple, the company behind XRP, has been involved in a prolonged legal battle with the SEC over the status of digital assets. At the time of writing, XRP was up 25.76% in the last 24 hours, trading at $1.42. Meanwhile, Bitcoin was trading at $97,563 after reaching an all-time high of $99,543. These developments highlight the dynamic nature of the cryptocurrency market and the potential for significant price movements in response to both technical indicators and regulatory news.
