- XRP charts have shown a bearish divergence pattern on the 60-minute chart, as per the 100eyes Crypto Scanner.
- This pattern is based on the relationship between the cryptocurrency’s price and the Relative Strength Index (RSI) oscillator.
- The bearish divergence pattern occurs when the price of a cryptocurrency reaches new highs while the oscillator reaches a lower high, indicating a possible price downtrend.
XRP charts show a bearish divergence pattern, indicating a possible price downtrend. Despite this, XRP has seen gains against Bitcoin, puzzling some members of the crypto community.
Bearish Divergence Pattern on XRP Chart
The XRP chart has recorded a bearish divergence pattern on its 60-minute chart, according to the 100eyes Crypto Scanner. This pattern is based on the relationship between the price of the cryptocurrency and the Relative Strength Index (RSI) oscillator, which is used to determine whether or not a certain asset is oversold. The bearish divergence pattern occurs when the price of a certain cryptocurrency (or any other asset) reaches new highs while the oscillator reaches a lower high. This can indicate a price downtrend since it typically signals waning bullish momentum.
XRP’s Performance Against Bitcoin
Despite the bearish divergence pattern, XRP has seen gains against Bitcoin. According to CoinGecko data, XRP is currently up by almost 4%, making it one of the best-performing cryptocurrencies over the past 24 hours alongside Solana (SOL). Meanwhile, Bitcoin is down 1.3% over the same period of time. XRP has gained roughly 5% against Bitcoin. This lack of correlation has puzzled some members of the community given that there’s no new legal developments in the SEC v. Ripple case.
Conclusion
While the bearish divergence pattern on the XRP chart might suggest a possible price downtrend, the cryptocurrency’s recent performance against Bitcoin tells a different story. It remains to be seen whether XRP will continue to outperform the crypto king in the coming days. Regardless, these developments highlight the volatile and unpredictable nature of the crypto market.
