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.
As of this writing, the XRP price trades below the critical psychological level of around $0.5 and stands at $0.47 with a 2% loss in the last 24 hours. Over the previous week, XRP was one of the worst performers, recording a 9% loss.Bitcoin Dominance Declines, XRP Price Will Come Out On Top?
A pseudonym analyst on social media platform X recently shared a chart showing a decline in Bitcoin Dominance (BTC.D). This metric measures the amount of the total crypto market capitalization represented by BTC.$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).(…) 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