What to know:
- Behold! The XRP to Bitcoin price ratio has performed a pirouette, forming its inaugural golden cross on the weekly chart. 🥳
- This golden cross, a harbinger of bullishness, suggests that the short-term trend is strutting its stuff, outshining the broader trend, and perhaps, just perhaps, leading us into a major bull run. 🐂💨
- Such a pattern has elevated the odds of this ratio breaking free from its prolonged slumber, hinting at a major XRP uptrend. 🚀
Today’s musings come courtesy of CoinDesk’s very own analyst and Chartered Market Technician, Omkar Godbole.
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View Urgent ForecastIn a delightful twist of fate, the ratio between the payments-focused cryptocurrency XRP and the dollar-denominated prices of Bitcoin (BTC) has triggered its first golden cross on the weekly chart, signaling a bullish shift in momentum. Who knew charts could be so dramatic? 🎭
A golden cross, for the uninitiated, occurs when the 50-day/week/month simple moving average (SMA) gracefully crosses above the 200-day/week/month SMA, indicating that the short-term trend is now the belle of the ball, potentially leading to a major bull run. 💃
This crossover, confirmed on the XRP/BTC weekly chart, has increased the likelihood of the ratio breaking out of its four-year-long sideways channel, hinting at a major XRP bull run relative to Bitcoin. Can you hear the trumpets? 🎺
Ah, but the ratio has been locked in a narrow sideways trend since late 2020, with regulatory uncertainty keeping XRP from joining the crypto market’s jubilant bull run. Talk about a party crasher! 🎉🚫
However, last month, the Securities and Exchange Commission (SEC) decided to drop its appeal against a favorable ruling for the XRP user Ripple, establishing that XRP is not a security when sold to retail investors on public exchanges. A significant obstacle has been cleared, paving the way for a breakout, as suggested by our golden cross. 🎊
The potential breakout could trigger a substantial rally, driving valuations to dizzying heights. Markets, much like a good soufflé, tend to build energy during consolidations, which is then released in the direction of the eventual breakout. Thus, the longer the consolidation, the more pronounced and rapid the resulting price movement is likely to be. Bon appétit! 🍰
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2025-05-21 17:07