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XRP Approaches Bullish Golden Cross Against Bitcoin

XRP nears a technical 'golden cross' against Bitcoin, signaling potential price gains amid altcoin rallies and SEC developments.
Published on 2024-11-22

XRP and the Golden Cross

XRP is on the verge of forming a bullish technical pattern known as a "golden cross" against Bitcoin (BTC). This pattern occurs when a short-term moving average surpasses a long-term moving average, indicating potential upward momentum. The XRP vs. BTC chart shows the 50-day simple moving average (SMA) rising towards the 200-day SMA, suggesting an imminent golden cross. This development could signal further price gains for XRP against Bitcoin, particularly if the broader cryptocurrency market remains supportive.

Altcoin Momentum and Market Dynamics

The potential golden cross for XRP coincides with a period of rallies among altcoins. As Bitcoin holds strong at its $95,000 support level, market attention is shifting towards altcoins like XRP, which are rapidly increasing their market caps. Investors are observing significant profits in altcoins as November progresses, with XRP standing out for its impressive gains.

XRP's Performance Against Bitcoin

XRP has been outperforming Bitcoin, achieving substantial weekly and monthly gains. Over the past week, XRP rose by 61%, compared to Bitcoin's 9% increase. Since November 12, XRP has been on an upward trajectory against Bitcoin, reaching a trading high not seen since early December 2023.

Impact of Regulatory Developments

Recent regulatory news has also influenced XRP's performance. Following an announcement by SEC Chair Gary Gensler about his planned resignation, select altcoins, including XRP, have surged. XRP saw a 30% increase in value on Friday after Gensler's statement, reflecting its ongoing legal battle with the SEC over digital asset classification.

Current Market Status

As of the latest update, XRP has risen by 25.76% in the past 24 hours, trading at $1.42. Meanwhile, Bitcoin reached an all-time high of $99,543 before stabilizing at $97,563. The convergence of technical patterns, market dynamics, and regulatory factors positions XRP for potential continued growth against Bitcoin.

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