Bitcoin Outshines XRP Again: Is a Crash Coming?
As August draws to a close, the charts show that XRP’s performance against Bitcoin is reverting to a well-known pattern. After failing to maintain its advance over 0.000030 BTC, the pair is currently circling 0.000025 BTC on the daily time frame. The bands are tighter and the candles are below the Bollinger setup’s midline, which frequently occurs prior to a larger move. The fact that XRP is at the lower end of the range indicates that the tendency is downward.
XRP Rally Fades as Weekly Trend Mirrors Past Bearish Patterns
Even more obvious is the trend on the weekly chart. When XRP approached the 0.000030 zone, it soon peaked, but the rally that began at the close of last year took it out of its lowest position in years. Subsequently, weekly closes have been declining and appear to have peaked, much like what we previously saw. The next easily visible pocket is nearer 0.000023 BTC after the pair can support itself due to the rejection from the upper band.
Five Years of Resistance: Can XRP Ever Break 0.000055 BTC?
Each time an attempt to rebound has been thwarted before surpassing the established ceiling of 0.000055 BTC. The market has viewed every test as an opportunity to sell into strength, and that barrier hasn’t been broken in more than five years. All things considered, it appears that XRP is about to enter another phase in which it will fall behind Bitcoin. Altcoin pairs like XRP/BTC continue to exhibit weakness as capital flow favors the top coin, and BTC dominance remains near 59%.
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