XRP Might Have Bottomed Against Bitcoin As It Rapidly Gains Market Dominance (Zycrypto)
For the last month, /ripple-ceo-brad-garlinghouse-is-sure-facebooks-libra-wont-launch-before-2023/”>Ripple’s XRP has been slowly gaining market dominance going form a 4% dominance to 5% in a week. XRP is now gaining more dominance, faster as it is approaching 5.5% while Bitcoin has been slowly declining from 70% to 66%.
Looking at the XRP/BTC chart we can clearly see a big shift in momentum as the bulls have set a huge uptrend that doesn’t seem to be slowing down. On the weekly chart, the bulls have broken above the 12-period EMA as well as the resistance at 0.00003370. This seems to indicate that XRP has bottomed against Bitcoin, something that is also clearly reflected in the XRP/USDT pair.
/wp-content/uploads/2019/10/XRP-Might-Have-Bottomed-Against-Bitcoin-As-It-Rapidly-Gains-Market-Dominance.png” alt=”XRP Might Have Bottomed Against Bitcoin As It Rapidly Gains Market Dominance” width=”1560″>XRPUSDT Chart By TradingView
Ripple’s XRP has been the strongest cryptocurrency after the recent crash, forming a daily uptrend quickly and maintaining higher lows almost every day.
The bulls were able to push XRP above both EMA’s yesterday with a huge 8% increase in price and a lot of volumes. The EMAs are also looking for a bullish cross, probably tomorrow and the bulls have created a bull flag on the daily chart.
The 4-hour chart shows a strong uptrend and the bulls just defended the 12-period EMA after a brief consolidation. The RSI has cooled off a little bit as it was really overextended, this gives the bulls some room for the next leg up.
The weekly chart is interesting and shows a possible equilibrium pattern forming. The bulls have just been rejected from the 12-period EMA but the momentum is still strong. The high of the pattern is $0.326 and the low is set at $0.2133.
Technical indicators are signaling to buy on the daily chart but not on the longer timeframes. Will this strength against Bitcoin help XRP in the short term?