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XRP is on the verge of a technical pattern known as a "golden cross" in its Bitcoin (BTC) pairing. This pattern, often seen as a bullish signal, occurs when a short-term moving average crosses above a long-term moving average, indicating potential upward momentum.
On the XRP vs. BTC chart, the 50-day SMA has turned up and looks set to move above the 200-day SMA in the coming days. Both moving averages are already converging, suggesting that a golden cross is imminent. For XRP, this could herald further price gains against Bitcoin, especially if the broader cryptocurrency market remains favorable.
The potential for a golden cross comes at a time when XRP and other altcoins are experiencing rallies.
According to Santiment, "While eyes have been on Bitcoin making history, altcoins like XRP are growing their respective market caps rapidly. As long as BTC maintains a $95,000 support, expect November profits to continue redistributing to altcoins."
XRP gains ground against Bitcoin
XRP is gaining ground against Bitcoin, outperforming the top crypto asset in weekly and monthly gains. XRP has increased 61% weekly, compared to Bitcoin's 9% gain during the same period.
XRP has been rising against Bitcoin since Nov. 12, reaching a high of $0.00001522 in today's trading session, a level not seen since early December 2023.
Select altcoins soared in the last 24 hours after SEC Chair Gary Gensler announced that he plans to step down.
XRP increased by as much as 30% on Friday following Gensler's statement the day before. Ripple has been involved in a lengthy 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 to $1.42. Bitcoin traded at $97,563 after reaching all-time highs of $99,543.