While XRP seems to be recording losses, market watchers remain bullish on the token. In the recent development, XRP reportedly reclaims the 20-day (0.00001852) and 50-day (0.00002100) Simple Moving Averages (SMAs) against Bitcoin (BTC).
Cryptoinsightuk, a U.K.-based crypto educator, noticed the latest development in the XRP price movement and took to his Twitter handle to call the attention of his teeming followers to the trend. In addition, he attributed the significance of the pattern to XRP’s historical price movement.
This is the first time we have seen this for $XRP in 5 years! 😱$XRP / $BTC on the monthly timeframe has reclaimed the 20 and 50 SMA. 📈
— Cryptoinsightuk (@Cryptoinsightuk) August 13, 2023
Not only this, but it has also wicked back to the 50 SMA to test it as support (if we continue to hold out the month). 🎯
The last time we… pic.twitter.com/d5zjzwcTvm
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Overview Of The Historical Trends
The XRP/BTC chart registered its highest summit since December 2022 after surging to the 0.00002970 level in July. The remarkable XRP performance could stem from XRP’s rally that accompanied Judge Torres’s verdict in July.
Meanwhile, amidst the retracement, XRP declined against Bitcoin, closing July at the 0.00002388 level against the number one altcoin. The decline could not stop XRP’s ascent as it reattained the 20-day SMA and the 50-day SMA per monthly time frame.
Per Cryptoinsight, the last time XRP reclaimed these two SMAs against BTC was in March 2017, culminating in XRP’s biggest rally that saw it attain an all-time high (ATH) of $3.80 in January 2018.
The rally above represented a 15,400% spike in less than a year. However, after XRP failed to hold its ATH, it shed off gains, dropping below the 20-day SMA in April and the 50-day SMA in June 2019.
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History About To Repeat Itself?
While XRP’s latest bullish run saw XRP reclaim these two SMAs, Cryptoinsight noted that XRP’s return to the 50-day SMA was in a bid to retest it as support amid the ensuing correction.
Having succeeded in shaking off the 50-day SMA, a bullish run appears imminent for XRP. Notably, the cross-border crypto token is selling above both moving averages and must hold on to it at the end of this month. However, Cryptoinsight never gave a price projection for XRP despite indications of an imminent bull run.
Meanwhile, XRP’s price at press time appears to be changing hands between the $0.624514 and $0.637289 price levels in the past 24 hours. Also, XRP boasts a market capitalization of $33,108,673,307 and a market cap dominance of 2.716%.
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