Analyst: The XRP/BTC ratio has triggered the first golden cross on the weekly chart, which could evolve into a major bull market

ChainCatcher news, according to CoinDesk analyst and chartered market technician Omkar Godbole, the ratio of XRP to BTC has triggered its first golden cross on the weekly chart, indicating a bullish momentum shift. A golden cross occurs when the 50-day/week/month simple moving average (SMA) crosses above the 200-day/week/month SMA, suggesting that the short-term trend is now outperforming the long-term trend and could evolve into a major bull market.

The confirmed cross on the XRP/BTC weekly chart increases the likelihood of this ratio breaking out of its four-year horizontal channel, implying that XRP is set to enter a significant bull market relative to Bitcoin. Since the end of 2020, this ratio has been in a narrow sideways trend.