The 100eyes Crypto Scanner indicates that the XRP chart’s 60-minute chart shows a bearish divergence pattern.
This pattern is based on the correlation between the cryptocurrency price and the oscillator known as the Relative Strength Index (RSI), which is used to assess if an asset is oversold or not.
https://x.com/100eyesCrypto/status/1787513227380748549
When the price of a particular cryptocurrency—or any other asset—rises to new heights while the oscillator hits a lower high, this is known as a bearish divergence pattern.
Bearish divergence usually indicates diminishing bullish momentum, which might point to a price decline.
In this instance, after rising higher earlier in the day, XRP registered a lower high on the oscillator.
Well-known trader Mikybull recently said that given the impending breakthrough of the current RSI resistance level, things are going to get “interesting” for XRP.
XRP gains against Bitcoin
Along with Solana (SOL), XRP is now up about 4%, making it one of the best-performing cryptocurrencies over the last 24 hours, according to CoinGecko statistics. The contentious cryptocurrency reached its top earlier on Monday, at $0.5671.
Meanwhile, Bitcoin has decreased 1.3% in the same time frame. XRP is up almost 5% compared to this Bitcoin. Given that there have been no significant legal developments in the SEC v. Ripple case, several community members have been perplexed by this lack of link.
It is noteworthy that the cryptocurrency connected to Ripple has seen nine months in a row of losses. To eventually end this terrible run, it remains to be seen if it can surpass the crypto king in May.
