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Breaking News: FTX Recovery Trust Set To Disburse $1.6 Billion By Month-End, FTT Price Skyrockets

XRP Continues Rapid Ascent With 15% Gain, Outperforming Bitcoin by 1,000%

Nick Chong
Nick Chong
1 year ago
2 mins read

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Created by industry experts and meticulously reviewed
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XRP has been one of the best-performing cryptocurrencies over the past day. After lying dormant for much of the past few months, the cryptocurrency has gained over 50% over the past few days, rallying from the $0.34 range to $0.51 as of this article’s writing.

The coin is currently up 15% in the past 24 hours, outperforming Bitcoin’s 1.5% performance over that same time frame.

Analysts think that XRP could continue its ascent in the coming days and weeks. While there may not be any fundamental drivers for the coin right now, there are many that think it will benefit as the Bitcoin dominance tops out and as the retail investors have joined the market once again.

Related Reading: Here’s Why Ethereum’s DeFi Market May Be Near A Bottom

XRP Finally Bounces

XRP has finally begun to bounce against the U.S. dollar and against Bitcoin after months of inactivity.

Analysts think that the coin could continue its ascent to the upside as it breaks key resistance levels. One trader recently commented on the cryptocurrency’s prospects against Bitcoin:

“There’s the confirmed breakout from the multi-month downtrending channel. This entire rally started in a historically relevant demand area (blue circle) from which XRP has enjoyed exponential trend reversals.”

What seems poised to drive the cryptocurrency even higher in the weeks ahead is the entrance of retail entrants.

Where Bitcoin’s rally over the past few months has largely been driven by institutional players, retail investors are starting to re-enter the space.

This is most evident by the rallies in coins such as XRP, Nano, and other 2017-era coins that many say have lost their shine since the last bull market.

XRP also could benefit from fundamental factors in the weeks and months ahead.

Related Reading: Tyler Winklevoss: A “Tsunami” of Capital Is Coming For Bitcoin

Bitcoin Dominance to Boost Altcoins

It is said that Bitcoin’s dominance is set to drop in the weeks and months ahead, which should bolster XRP’s chances at rallying.

The same trader that predicted that Bitcoin would drop to the $9,000s in September recently shared that the momentum of the Bitcoin dominance is clearly favoring altcoins moving forward.

Image

Chart of the Bitcoin dominance over the past few years with analysis by crypto trader coiner Yadox (yodaskk on Twitter). Source: BTC.d from TradingView.com
Related Reading: 3 Bitcoin On-Chain Trends Show a Macro Bull Market Is Brewing
Featured Image from Shutterstock
Price tags: xrpusd, xrpbtc
Charts from TradingView.com
XRP Continues Rapid Ascent With 15% Gain, Outperforming Bitcoin by 1,000%
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Nick Chong
Nick Chong

Nick Chong

I am a writer who has been following Bitcoin for years now. My insights and interviews have been featured in leading publications in the industry such as LongHash and Decrypt. I own a small amount of Bitcoin.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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