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XRP faces a bearish pattern with price spikes
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According to the 100eyes Crypto Scanner, the XRP chart has recorded the bearish divergence pattern on its 60-minute chart.
This model is based on the relationship between the price of the cryptocurrency and the Relative Strength Index (RSI) oscillator, which is used to determine whether a given asset is oversold or not.
The bearish divergence pattern occurs when the price of a given cryptocurrency (or any other asset) makes new highs while the oscillator makes a lower high.
Bearish divergence can indicate a downtrend in prices as it typically signals waning bullish momentum.
In this case, XRP made a lower high on the oscillator after rising higher today.
The famous trader Mikybull recently expected that things are about to get “interesting” for XRP as the breakout of the current RSI resistance level appears to be imminent.
XRP gains against Bitcoin
According to data from CoinGecko, XRP is currently up nearly 4%, making it one of the best-performing cryptocurrencies in the last 24 hours along with Solana (SOL). Earlier this Monday, the controversial cryptocurrency peaked at $0.5671.
Meanwhile, Bitcoin is down 1.3% over the same time period. XRP gained about 5% against this Bitcoin. This lack of correlation has disconcerted some members of the community given that there are no new legal developments in the SEC v. Ripple.
It is worth noting that the Ripple-affiliated cryptocurrency has seen nine consecutive months in the red. It remains to be seen whether it can outperform the cryptocurrency king this May and finally break this disastrous streak.
About the author
Alex Dovbnja
Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience covering everything related to the burgeoning industry, from price analysis to Blockchain disruption. Alex has authored more than 1,000 stories for U.Today, CryptoComes, and other fintech media. He is particularly interested in regulatory trends around the world that are shaping the future of digital assets; he can be contacted at alex.dovbnya@u.today.