As Bitcoin bounces to new highs in 2020, XRP continues to drop to new lows in the BTC trading pair. Will the top cryptocurrency continue to cannibalize Ripple’s crypto market capital, or will things soon be reversed for the long-rundown altcoin?
XRP sets a new low point against Bitcoin and checks the turning point again from 2017
XRP is an anomaly in the cryptocurrency market. The now fourth-placed cryptocurrency was so stable and stagnant that even Tether increased its market share more than Ripple.
While Ethereum and DeFi tokens exploded over the summer months, XRP did very little. And with the booming Bitcoin, the altcoin is again nowhere moving fast in the USD pair.
With the BTC trading pair, however, new lows are repeatedly reached on the bear market, which makes it extremely clear that the first cryptocurrency is far more in demand than Ripple.
Ripple drops to new bear market lows against Bitcoin | Source: XRPBTC on TradingView.com
Bitcoin’s recent rally has resulted in altcoins bleeding to death across the board, with XRP taking some of the worst of them. Ethereum and other top altcoins have rallied against Bitcoin throughout the year, while Ripple is gradually down.
Related reading | Silent XRP accumulation increases the pressure to break out against Bitcoin
That recent bear market low – or possibly the first bull market low – has hit below 1,600 sats. The also interesting low coincides with the low after Bitcoin hit $ 20,000 and the tide turned into an altcoin season.
But could a hidden bullish divergence in the RSI trigger a reversal? | Source: XRPBTC on TradingView.com
Hidden Bull Div is bulls’ last chance to prevent Ripple Funeral
XRP’s problems never seem to end. Crypto investors are demanding the death of the arguably centralized currency, but that could be a signal of surrender.
Simultaneously with the lows, the whales continue to pile up and the cryptocurrency has formed a hidden bullish divergence in the weekly timeframes against Bitcoin.
Related reading | Underdog Story: Why XRP Could Outperform Bitcoin and Ethereum Soon
The signal is on the Relative Strength Index of the XRPBTC trading pair and dates back to September 2019 when Bitcoin rose to $ 13,800, leaving altcoins behind.
Bitcoin is now back above that price, causing a further drop into deeper depths. Is this a RIP for Ripple or is XRP about to rebound against BTC as soon as the bullish signal is confirmed?
Featured image from deposit photos, charts from TradingView.com