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Elena R
Elena R
Author
Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing - accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.
- Jun 20, 2024 11:23 UTC
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Bitcoin Dominance Slips as XRP Signals Rebound: Here’s What to Expect
Lawsuit developments and XRPL growth suggest a positive outlook for Ripple.
Recent outflows and miner selling indicate a potential decline in Bitcoin's market share.
Analyst predicts a short-term price increase for XRP based on technical indicators.
Recently, there’s been a notable uptick in optimism surrounding Ripple Labs and its cryptocurrency, XRP. This shift follows significant regulatory developments, including a motion by the SEC to finalize a settlement requiring Ripple to pay a $102 million fine.
In addition to regulatory strides, Ripple has been proactive in enhancing its foundational strengths. The company has launched several initiatives within the XRPL ecosystem aimed at ensuring sustainable growth for XRP. Moreover, strategic acquisitions like Standard Custody highlight Ripple’s commitment to facilitating institutional adoption of XRP and other digital assets.
XRP vs Bitcoin Dominance
Bitcoin continues to dominate the cryptocurrency market with a steady 55% share. The approval of spot Bitcoin ETFs in key jurisdictions like the US and Hong Kong has reinforced Bitcoin’s dominance this year.
However, US spot Bitcoin ETFs have faced challenges recently, with significant outflows totaling $152 million reported on Wednesday. Additionally, on-chain data indicates that Bitcoin miners have been actively selling their holdings, likely to cover operational expenses.
Analyst Insights
In contrast, XRP’s market share has declined to approximately 1.18% from its peak of around 30% in May 2017. Despite this decline, recent indicators suggest a potential turnaround. XRP’s market share has revisited multi-year lows, hinting at a possible rebound.
According to prominent crypto analyst Dark Defender, the XRP/BTC trading pair shows signs of a significant weekly reversal following a golden cross formation on the Relative Strength Index (RSI). Dark Defender predicts short-term price targets between 52 cents and 66 cents for XRP. Even if XRP’s support at 50 cents weakens, Dark Defender remains confident that the 46 cents level will provide strong support.
Also Read : Argentinian President Javier Milei Backs Bitcoin Amid Economic Struggles
Can XRP dethrone Bitcoin? We’ll have to wait and see.
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