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XRP has achieved a major technical pattern in its Bitcoin (BTC) pairing, forming a golden cross. This technical pattern, often seen as a bullish signal, occurs when a short-term moving average crosses above a long-term moving average.
A golden cross happens when the 50-day simple moving average (SMA) crosses above the 200-day SMA, indicating potential upward momentum. XRP has been steadily gaining ground against Bitcoin in recent weeks. The recent altcoin bull run has seen funds flowing from Bitcoin into other cryptocurrencies, including XRP.
The XRP price surged to highs of $1.63 on Nov. 23, last seen in May 2021, as bulls extended their rally from Nov. 5’s lows of $0.50.
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In a favorable development, Securities and Exchange Commission (SEC) Chair Gary Gensler announced his resignation on Thursday, throwing in the towel on efforts to regulate the digital asset industry.
The market is now closely watching XRP’s price action to gauge the next phase of its performance against BTC.
What’s next?
XRP has been outperforming Bitcoin in recent weeks. Since Nov. 12, XRP has seen a remarkable increase, reaching levels in its Bitcoin pairing not observed since November 2023. On Nov. 23, XRP/BTC hit highs of $0.00001653, coinciding with the emergence of the golden cross.
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While the golden cross is a bullish signal, XRP must overcome key resistance levels to sustain its upward trend against Bitcoin. In this scenario, weekly charts suggest major resistance at $0.0000163.
The XRP/BTC needs to breach this resistance to confirm further upside potential. Broader market trends, including Bitcoin’s price surge, might impact XRP’s performance.
Despite the optimism, the golden cross does not guarantee future gains, however, eyes are on where the trend goes next. At the time of writing, XRP/BTC was declining 2.59% daily to $0.00001465.
