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U.Today - The popular alternative cryptocurrency XRP is seeing an ominous sign in its price action against its main counterpart, Bitcoin (BTC).
We are talking about a death cross, a pattern often referred to as a bearish one, which occurs when the moving average of a lower time frame, in our case the 23-day, crosses from above to below the moving average of a higher order. The latter, in the case we are observing, is represented by a 50-day curve.
The price curves have already collided, which increases the likelihood that XRP will fall against Bitcoin in the short term. What adds to this probability is that the formation of the death cross happened on a daily time frame.
As of now, XRP is estimated at 0.0000244 BTC, which is equivalent to its USD valuation of around $2. However, altcoin’s all-time high is 1,000% higher at 0.00024, which would be equivalent to $20 at current prices. An amazing perspective, isn’t it?
Let’s leave the topic of XRP updating its all-time high against BTC to speculation and turn our attention to what the near future holds for this pair.
Looking at the price chart, it appears that XRP is trending toward a 200-day moving average against Bitcoin, which is currently 18% lower at 0.00001996 BTC. Until the altcoin hits this important level, anything bullish that one might say about it, in the case of Bitcoin trading, of course, may be too speculative.
However, the possibility of XRP going that low does not come as something out of the blue, as that is exactly where the cryptocurrency dipped back in February this year.
Thus, of all the possibilities, right now the further downtrend for XRP vs. Bitcoin is more probable. The death cross only doubles it.