XRP Facing Bearish Pattern as Price Spikes

The XRP chart has recorded the 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.

???? Crypto alert:

[#XRP-#USDT] RSI Bearish Divergence (1h)

— 100eyes Crypto Scanner ???? (@100eyesCrypto) May 6, 2024

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.

Bearish divergence can indicate a price downtrend since it typically signals waning bullish momentum.

In this case, XRP recorded a lower high on the oscillator after surging higher earlier today.

Popular trader Mikybull recently predicted that things are about to get “interesting” for XRP given that the breakout of the current RSI resistance level appears to be imminent.

XRP gains against Bitcoin

According to CoinGecko data, XRP is currently up by almost 4%, which makes it one of the best-performing cryptocurrencies over the past 24 hours alongside Solana (SOL). Earlier this Monday, the controversial cryptocurrency peaked at $0.5671.

In the meantime, Bitcoin is down 1.3% over the same period of time. XRP has gained roughly 5% against this 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.

It is worth noting that the Ripple-affiliated cryptocurrency has seen nine consecutive months in the red. It remains to be seen whether it will manage to outperform the crypto king this May to finally break this disastrous streak.