Bitcoin (BTC) has been struggling lately, and it is getting tricky. With little to stop a major drop below $90,000, things could get messy quickly.
But the flip side? There is less resistance above $95,000, so if Bitcoin turns bullish, it could move up just as fast. Right now, BTC is bouncing between $85,000 and $95,000, a range with plenty of room for action.
Amid all this, another popular cryptocurrency, the third largest in particular, XRP, has found itself in an interesting place. Over the last few hours, the price of XRP has also fallen, by 14% in the last three days. Especially against the dollar, the situation for XRP is the same as for Bitcoin.
But if we take a look at the price action of XRP against Bitcoin, we can see that the alternative cryptocurrency has found pretty solid support against its leading counterpart in the face of a 200-day moving average on the 12-hour time frame chart.
What is especially important is that this is exactly the price point where XRP saw bulls’ buying power. XRP has not touched this level against Bitcoin since November, before it went on a 500% rally that took it from $0.55 to $3.40.
It seems that the market has settled down, and XRP’s position is comparable to that time, but now XRP is $2.22, or 0.000025 BTC.
XRP’s RSI vs. Bitcoin has also reset to almost a lower bound, which means that it is currently more underbought than overbought.
Whether this be the start of round 2 for XRP remains to be seen, but do not be surprised if the altcoin shows strength against the leading cryptocurrency once again.
