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Bitcoin ($BTC) has been struggling lately, and it is getting tricky. With little to stop a major drop below $90,000, things could get messy quickly.
But the flip side? There is less resistance above $95,000, so if Bitcoin turns bullish, it could move up just as fast. Right now, $BTC is bouncing between $85,000 and $95,000, a range with plenty of room for action.
Amid all this, another popular cryptocurrency, the third largest in particular, $XRP, has found itself in an interesting place. Over the last few hours, the price of $XRP has also fallen, by 14% in the last three days. Especially against the dollar, the situation for $XRP is the same as for Bitcoin.
But if we take a look at the price action of $XRP against Bitcoin, we can see that the alternative cryptocurrency has found pretty solid support against its leading counterpart in the face of a 200-day moving average on the 12-hour time frame chart.
What is especially important is that this is exactly the price point where $XRP saw bulls' buying power. $XRP has not touched this level against Bitcoin since November, before it went on a 500% rally that took it from $0.55 to $3.40.
It seems that the market has settled down, and $XRP's position is comparable to that time, but now $XRP is $2.22, or 0.000025 $BTC.
$XRP's RSI vs. Bitcoin has also reset to almost a lower bound, which means that it is currently more underbought than overbought.
Whether this be the start of round 2 for $XRP remains to be seen, but do not be surprised if the altcoin shows strength against the leading cryptocurrency once again.