XRP is still showing substantial opposition to Bitcoin (BTC), and the Bollinger Bands indicator suggests the same.
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XRP remains one of the most appealing and intriguing options in the digital currency market. Despite a 500% gain in dollar value in recent months, and even XRP ETF rumors, it is notable primarily because of its conflict with the digital currency market leader, Bitcoin (BTC).
After rising 381% at the end of last year and hitting a multi-year high of 0.000033 BTC per XRP token, XRP’s rise against its biggest rival has slowed, but frankly, that was to be anticipated.
However, what can be seen on the XRP/BTC chart can be viewed as either a correction or accumulation, depending on how you view these two digital currency giants. How Observers are Assessing Semiconductor Stock Before Profits
Fortunately, technical analysis indicators are neutral toward any asset, and are thus able to provide a clearer and more accurate interpretation of the market situation. One of the most widely used tools, the Bollinger Bands, indicates that XRP is still strongly resisting Bitcoin.
The reason for this conclusion is that on the daily chart, XRP successfully tested the middle band, saw a response from buyers, and remained above it. This is a favorable signal that bulls are interested in purchasing XRP against Bitcoin.
The ongoing Bitcoin price inclinations imply that alternative cryptocurrencies might be nearing a chance.
To summarize, should Ripple’s price persist within the 0.0000247 to 0.00003 BTC bracket, notably exceeding 0.0000273 BTC, its optimistic pattern concerning Bitcoin stays legitimate. Given that we’re scrutinizing the everyday chart, this forecast is geared more towards the intermediate-term pattern. Stated differently, if Ripple (XRP) can uphold robust backing at the present price tier, it could witness a fresh phase of upswings concerning Bitcoin (BTC).
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