XRP is under pressure against Bitcoin after recently confirming a death cross on its daily chart, a bearish technical signal where the 50-day moving average crosses below the 200-day moving average.
XRP has struggled to gain momentum against Bitcoin, failing to match the latter’s current climb, which sent the largest cryptocurrency by market value to new all-time highs of about $112,000 on May 22. Since May 14, XRP has marked 10 out of the last 12 days in losses when paired against BTC.
XRP remains in consolidation between $2.65 and $2 in its USD pairing, with neither bulls nor bears gaining an edge, contributing to its lull against Bitcoin on the short-term charts.
XRP/BTC Daily Chart, Courtesy: TradingView
While the short-term downtrend is keeping traders on edge, a few technical indicators may hint at reversal signals.
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The Relative Strength Index (RSI) on the daily XRP/BTC chart is now approaching oversold territory (typically below the 30 level), suggesting that selling pressure could be exhausting, and a rebound may be imminent.
Also, while the daily chart shows weakness, the weekly XRP/BTC chart has formed a golden cross, a bullish counterpart to the death cross, offering bulls hope in the long term. This occurs when the 50-week moving average crosses above the 200-week moving average, often viewed as a signal of long-term strength and a potential trend reversal.
Crypto market in red
The broader crypto market fell in the early Sunday session, with $210 million in liquidation, according to CoinGlass data.
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The crypto market saw profit-taking over the weekend after a rally in the past week, with major coins dropping. Bitcoin’s price fell after reaching a new all-time high of nearly $112,000.
At the time of writing, XRP was down 2.09% in the last 24 hours to $2.3 and up 4.31% weekly. Bitcoin steadied near $107,000 after an intraday drop to lows of $106,750, trading down 1.03% in the last 24 hours to $107,597.
Market sentiment remains cautious with investors assessing macroeconomic and technical indicators to decide the next move.
