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XRP Shows Ultra Weakness Versus Bitcoin: Details
In a shocking turn of events, the price of XRP has taken a drastic plunge against its benchmark cryptocurrency, Bitcoin. The current $159,832,873 Bitcoin transfer to a major US exchange has sparked Black Monday fears, and it seems that this massive movement is having a ripple effect on other cryptocurrencies.
The data shows a death cross appearing on the daily chart, indicating a bearish crossover where the 23-day moving average dipped below the 50-day. This ominous sign adds weight to the downside, as it has been a reliable predictor of market downturns in the past.
Furthermore, without any significant upward momentum or volume, the current path of XRP against Bitcoin is inherently bearish by default. It appears that the price might continue its steady descent toward the lower band until something changes the trajectory.
This move comes amidst news of Acting SEC Chair saying Ether is not a security, which has raised questions about XRP’s legal status and what this means for its price.
Source: https://u.today/xrp-shows-ultra-weakness-versus-bitcoin-details
