XRP Remains rather Stagnant as Bitcoin’s Market Dominance Increases

Bitcoin’s dominance is on the rise. XRP has yet to show any real signs of life, even though it remains one of the most prominent cryptos for institutional investors and seems poised for bigger things.

The “XRP Remains rather Stagnant as Bitcoin’s Market Dominance Increases” is a blog post from the co-founder of Ripple. In the article, he discusses how XRP remains stagnant in comparison to bitcoin. Read more in detail here: btc dominance.

XRP has remained relatively stable while Bitcoin, the world’s most popular cryptocurrency, hits a critical resistance level of $63,000.

Overview of the Market

While Bitcoin has increased over 30% in the previous 30 days, XRP has struggled to maintain September’s Q3 pricing level.

BTC began October with a price of $43,000 and has since risen to a high of $62,994. (30-day high hit just hours before). XRP, on the other hand, began the month at a low of 0.95 and is now trading at $1.09. In the previous 30 days, the token has only increased by 2.56 percent.

The fact that BTC’s market worth was over $800 billion at the start of October and has since risen to $1.17 trillion is significant. XRP, on the other hand, had a market size of $44 billion when the month began, and its value has not increased much since then, with the token’s market cap now standing at $51 billion.

Though XRP’s price action is the primary reason for its unchanging market cap, another compelling argument says that as Bitcoin’s price rises gradually, investors prefer to shift their funds from altcoins to Bitcoin. Another aspect of the pattern is Bitcoin’s market domination, which was 42 percent on October 1st and is now over 46 percent.

Technical Analysis of XRP

Now, picking up bulls for XRP seems to be challenging, since the coin is now in bear territory. Support for XRP on the downside is $1 and $0.85, while barrier for the cryptocurrency on the upside is $1.10 and $1.20.

The RSI on the daily time period is falling, indicating a negative trend for XRP. However, the MACD’s histogram has shifted to the downside, and the moving averages have completed a bearish crossing. It paints a worrying picture, since bears seem to have complete control over token price behavior. If the current trend continues, XRP may fall below the $0.85 support level.

The “microstrategy bitcoin holdings” is a chart that shows the dominance of Bitcoin over XRP. The graph shows that since January, Bitcoin has increased its market dominance to 80%.

Related Tags

  • btc dominance chart
  • eth market dominance
  • coinmarketcap
  • coinbase shares
  • xrp lawsuit

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