XRP Price Could Get A Boost, Dip In This Bitcoin Metric Suggests New Rally
2023年10月12日 - 11:00PM
NEWSBTC
The XRP price continues to trade sideways on low timeframes as the
crypto market faces a spike in selling pressure. While major
cryptocurrencies will likely bleed into critical support, one
analyst believes there is hope for the XRP Ledger native token.
Related Reading: ADA Price Hints At Potential Correction, Buy The
Dip? As of this writing, the XRP price trades below the critical
psychological level of around $0.5 and stands at $0.47 with a 2%
loss in the last 24 hours. Over the previous week, XRP was one of
the worst performers, recording a 9% loss. Bitcoin Dominance
Declines, XRP Price Will Come Out On Top? A pseudonym analyst on
social media platform X recently shared a chart showing a decline
in Bitcoin Dominance (BTC.D). This metric measures the amount of
the total crypto market capitalization represented by BTC. When the
Bitcoin Dominance declines, the altcoin sector benefits as the
metric suggests investors could move away from the number one
crypto into other assets. The analyst indicated that the BTC.D
stands at a critical level, facing substantial resistance. In that
sense, the metric could return below 50% of the total crypto market
cap. The last time the BTC.D stood at current levels, the XRP price
rallied above two major obstacles at $0.60 and then at $0.70. The
analyst stated: $BTC.D Got to the level where the $XRP Lawsuit win
news came out. This caused a big altcoin rally at the time and also
marked the 2023 top so far for $BTC and many other coins. Altcoin
Season Looming? But Something Needs To Get Out Of The Way According
to this analysis, an altcoin season might be on the horizon for the
XRP price and other similar cryptocurrencies. However, the analyst
believes the US Securities and Exchange Commission (SEC) needs to
decide on the spot Bitcoin Exchange Traded Fund (ETF). The
narrative around this financial product has been gaining influence
on the nascent sector, and if the SEC approves it, there will be
much less uncertainty around the nascent sector. In the last 24
hours, some movement has been around the spot Bitcoin ETF
applications. Related Reading: Cardano Founder Addresses ETHGate
Rumors: Did Ethereum Bribe The SEC To Go After XRP? This movement
coincides with a spike in volatility across the board and could set
the stage for fresh news that will trigger the altcoin season or
push the XRP price back to critical levels. On the possibility of
the SEC approving the ETF, the best scenario for XRP and other
token, expert Eric Balchunas said: (…) very poss there will be a
few back and forths with SEC on these small but imp details. So I
would not say approval imminent but I would say the fact that
issuers are in a “back and forth” w SEC on this is hugely positive
IMO. Cover image from Unsplash, chart from Tradingview
Ripple (COIN:XRPUSD)
過去 株価チャート
から 6 2024 まで 7 2024
Ripple (COIN:XRPUSD)
過去 株価チャート
から 7 2023 まで 7 2024