Gold prices steady, holding sharp gains in wake of soft U.S. jobs data
U.Today - Not much has been happening on the cryptocurrency market lately. So "not much" that speculation is becoming abnormal and creating patterns that rarely appear on the price charts of our beloved digital assets. One such anomaly recently appeared on the XRP vs. Bitcoin chart.
With both cryptocurrencies literally gravitating to the sidelines, XRP recorded five days of trading against BTC in a range of no more than 3%, fluctuating between 0.00002434 and 0.00002569 per BTC for one XRP. In trading, such situations can be referred to as equilibrium.
When the market is balanced, the buying and selling pressure is equal, and the price does not change much. This is called equilibrium price action in the crypto world. It often happens before a major change on the market.
You can call it a "nothing burger," you can see it as a war between bears and bulls. However, the truth is that sooner or later the market will see a big move on one of the sides, and that is when volatility will erupt.
XRP vs. BTC: Possible scenarios
If we try to predict where this coming move will be, whether it will be a breakout or a breakdown, then there are several scenarios. From one perspective, lows at 0.0000194 have not yet been tested, and this accumulation looks like a bear flag pattern.On the other hand, the recent news regarding an XRP ETF may create a revaluation event for the alternative cryptocurrency. As investors get an established way to invest in XRP, with an opportunity to flow capital from Bitcoin ETFs, the altcoin’s quotes may pick up their action.
From now on, all eyes will be on the XRP chart against Bitcoin as anticipation builds for a major move.