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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.