There are dollar charts on the crypto market, and then there is a Bitcoin chart against which every alternative digital asset should be compared when trying to estimate its real value. With the main cryptocurrency storming high after high, most altcoins have found themselves in a difficult situation.
This is particularly evident on the XRP/BTC chart, where the former just lost a major support level, represented by the 200-day moving average on the daily time frame. The last time this happened, XRP lost 12.52% over the next 39 days between May and June.
That was a painful dip, but what happened next offers hope that the current setup on the XRP/BTC chart is not the end for the altcoin. After that dip in early summer, the altcoin soared by more than 54% versus the main cryptocurrency and almost repeated its yearly high.
Right now, the market may consider the same scenario possible — and not only because of the previous case. Another indicator of a potential pivot in XRP’s action against Bitcoin is that RSI is an inch away from falling into oversold territory, and this final push lower may be enough to mark the bottom of this trading pair.
XRP price all-time high receipt
All things considered, XRP may lag against Bitcoin in the short term, which is acceptable as long as its dollar valuation remains near $3. However, in the midterm, the market favors the altcoin’s outperformance, and that silver lining is perhaps the most important factor in all outlooks against BTC.
With the price of Bitcoin right now above $124,000, XRP is trading at $2.97, or 0.000024 BTC. If Bitcoin stays at the same level and XRP manages to climb back toward the highs near 0.00003 BTC, the altcoin’s dollar valuation would be around $3.72 — so, an all-time high.
Source: https://u.today/xrp-risks-10-drop-against-bitcoin-but-all-time-high-breakout-could-be-next