XRP Drops Behind Bitcoin in Death Cross Move, but Rebound Ahead?

XRP Faces Challenges Against Bitcoin as Death Cross Looms

XRP has struggled to maintain momentum against Bitcoin, with the largest cryptocurrency by market value reaching new all-time highs of around $112,000 on May 22. In the past two weeks, XRP has seen losses in 10 out of the last 12 days when paired against BTC.

Currently, XRP remains in a consolidation phase, trading between $2.65 and $2 in its USD pairing, with neither bulls nor bears gaining a clear advantage. This lull against Bitcoin on the short-term charts has kept traders on edge.

Despite the short-term downtrend, a few technical indicators may suggest potential reversal signals:

• The Relative Strength Index (RSI) on the daily XRP/BTC chart is approaching oversold territory, typically below the 30 level, indicating that selling pressure could be exhausting and a rebound may be imminent.
• The weekly XRP/BTC chart has formed a golden cross, a bullish counterpart to the death cross, offering bulls hope in the long term. This occurs when the 50-week moving average crosses above the 200-week moving average, often viewed as a signal of long-term strength and a potential trend reversal.

The broader crypto market faced a pullback in the early Sunday session, with $210 million in liquidations, according to CoinGlass data. The market saw profit-taking over the weekend after a rally in the past week, with major coins, including Bitcoin, experiencing a decline.

At the time of writing, XRP was down 2.09% in the last 24 hours to $2.3 and up 4.31% weekly. Bitcoin steadied near $107,000 after an intraday drop to lows of $106,750, trading down 1.03% in the last 24 hours to $107,597.

Market sentiment remains cautious, with investors assessing macroeconomic and technical indicators to determine the next move.