The weekly gold encounter took place for the first time in 4 years on the price chart of XRP against Bitcoin (BTC).
The price ratio between the two giants of the cryptocurrency market, #XRP and Bitcoin (BTC), has been moving in a quiet and narrow range for a long time. However, in the weekly sections, the $XRP /BTC parity completed the golden intersection formation with the 50-week simple moving average (SMA), which shows the short-term trend, cutting the 200-week SMA, which is the long-term trend, upwards. This meeting, which is considered a sign of a strong bull market in technical analysis, is of critical importance for XRP investors.
In the past years, XRP could not fully benefit from the increases in the market in general, especially during the lawsuit filed by the US Securities and Exchange Commission (SEC). However, these events disappeared recently when the SEC withdrew its objection in the lawsuit filed against Ripple and the court's decision to register the security during the sale of XRP to retail sales.
According to experts, long-term consolidations usually pave the way for strong and rapid upward movements. The price increase of XRP against BTC for about 4 years has caused a large accumulation of energy consumed. Therefore, the effect of a breakdown after the gold crash is expected to be quite severe and rapid.
Investors are now closely following the appearance of XRP against Bitcoin and think that possible record levels are on the doorstep.
