As Bitcoin (BTC) price attempts to mirror Gold’s bullish breakout, the altcoin industry, led by Ripple-backed XRP price, could be on the verge of a major uproar in the short term. Most altcoins against Bitcoin have been retesting multi-year lows, which could yield a price rebound ahead.
Furthermore, Bitcoin dominance has formed a macro reversal pattern akin to the previous pre-altseason periods.
XRP price has hovered around the apex of a multi-year triangular consolidation in the past few months. The large-cap altcoin, with a fully diluted valuation of about $59 billion and a daily average traded volume of around $1.23 billion, has consolidated around 58 cents in the past two weeks without a clear breakout on either side.
Remarkably, XRP price in the daily time frame has consistently closed above the 50 and 200 Moving Averages (MAs) despite their recent death-cross.
From a technical standpoint, XRP price is well positioned to rally above 75 cents soon if it consistently closes above the resistance level of around 64 cents in the near term.
Otherwise, the XRP price could retrace below 50 cents if the crypto bulls fail to maintain control in the coming months.
Ahead of the RippleSwell event in October in Miami, on-chain data shows that XRP whales have accelerated their market dumping to different centralized exchanges led by Bitso and Bitstamp.
During this year’s RippleSwell event in Miami, the blockchain payment company is expected to release more details of its web3 developments including a fiat-backed stablecoin RLUSD, XRPL’s smart contract, and the On-Demand Liquidity (ODL) global adoption.
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