While Bitcoin is blasting off to new 2020 highs, XRP continues to fall to new lows on the BTC trading pair. Will the top cryptocurrency keep cannibalizing Ripple’s crypto market capital, or will things soon reverse for the long beaten down altcoin?
XRP Sets New Lower Low Against Bitcoin, Revisits Turning Point From 2017
XRP is an anomaly in the cryptocurrency market. The now fourth-ranked cryptocurrency has been so stable and stagnant, even Tether has grown its market share more than Ripple has.
While Ethereum and DeFi tokens exploded over the summer months, XRP did very little. And with Bitcoin booming, once again the altcoin is going nowhere fast on the USD pair.
On the BTC trading pair, however, it keeps setting new bear market lows, making it extremely obvious that the first-ever cryptocurrency is far more in demand than Ripple.
Ripple drops to new bear market lows against Bitcoin | Source: XRPBTC on TradingView.com
Bitcoin’s latest rally has caused altcoins to bleed out across the board, with XRP taking some of the worst of it. Ethereum and other top altcoins have recovered against Bitcoin throughout the year, while Ripple sets low after low.
Related Reading | Silent XRP Accumulation Builds Pressure For Breakout Against Bitcoin
This latest bear market low – or possibly the first bull market low – has reached under 1600 sats. The low also interesting coincides with the low after Bitcoin reached $20,000, and the tides turned to an altcoin season.
But could a hidden bullish divergence on the RSI trigger a reversal? | Source: XRPBTC on TradingView.com
Hidden Bull Div Is The Last Chance For Bulls To Prevent Ripple Funeral
XRP’s woes seem like they’ll never end. Crypto investors are calling for the death of the arguably centralized currency, but that could be a signal of capitulation.
Coinciding with the sweep of lows, whales continue to accumulate and the cryptocurrency has formed a hidden bullish divergence on weekly timeframes against Bitcoin.
Related Reading | Underdog Story: Why XRP Could Soon Outperform Bitcoin And Ethereum
The signal is on the Relative Strength Index on the XRPBTC trading pair, stretching as far back as September 2019 when Bitcoin soared to $13,800 and left altcoins behind.
Bitcoin is now above that price again, prompting another fall to deeper depths. Is this RIP for Ripple, or is XRP about to soar against BTC once the bullish signal confirms?
Featured image from Deposit Photos, Charts from TradingView.com
from NewsBTC https://www.newsbtc.com/analysis/xrp/xrp-sweeps-bear-market-lows-against-bitcoin-is-it-rip-for-ripple/
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