Here’s Why Ripple-backed XRP Dominance Will Gain Against Bitcoin (BTC) Ahead
The post Here’s Why Ripple-backed XRP Dominance Will Gain Against Bitcoin (BTC) Ahead appeared first on Coinpedia Fintech News
The overall market sentiment for Ripple Labs and XRP has significantly improved in the recent past. The Ripple fundamentals have improved based on the recent motion filed by the United States Securities and Exchange Commission (SEC) to compel the company to pay a fine of around $102 million for settlement purposes.
Additionally, Ripple has initiated several XRPL developments to ensure sustainable growth for XRP ahead.
The blockchain payment company has also closed strategic acquisitions, including the Standard Custody, to ensure a seamless adoption of XRP and other digital assets by institutional investors.
XRP vs Bitcoin Dominance
Bitcoin dominance has reigned in the cryptocurrency for the past year, as it continues to hover around 55 percent. The recent approval of spot Bitcoin ETFs in various jurisdictions led by the United States, and Hong Kong has helped increase its market dominance year-to-date.
However, the US-spot Bitcoin ETFs have been bleeding in the past few days, whereby $152 million in outflows was registered on Wednesday.
Additionally, on-chain data shows Bitcoin miners have been on a selling spree in the past few days, presumably to cover operating expenses.
Meanwhile, XRP dominance, which currently stands at around 1.18 percent, has been on a falling trend since May 2017, after reaching a high of about 30 percent.
The XRP market dominance has, however, retested a multi-year low, thus signaling an inevitable rebound.
Midterm Targets
According to a popular crypto analyst alias Dark Defender, the XRP/BTC pair is on the cusp of a major weekly reversal, after forming a golden cross on the Relative Strength Index (RSI).
As a result, the crypto analyst has set a short-term target of between 52 cents and 66 cents. In case the XRP buyers fail to defend the 50 cents support level, Dark Defender is confident the level around 46 cents will hold.
