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 <span class="wpg-tooltip-term-title">Coin</span></h3><div class="wpg-tooltip-content">A coin is a unit of digital value. When describing cryptocurrencies, they are built using the bitcoin technology and have no other value unlike tokens which have the potential of software being built with them.<p class="wpg-read-more"><a href="https://www.newsbtc.com/dictionary/coin/">» Read more</a><p></div>”>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 <span class="wpg-tooltip-term-title">Coin</span></h3><div class="wpg-tooltip-content">A coin is a unit of digital value. When describing cryptocurrencies, they are built using the bitcoin technology and have no other value unlike tokens which have the potential of software being built with them.<p class="wpg-read-more"><a href="https://www.newsbtc.com/dictionary/coin/">» Read more</a><p></div>”>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 <span class="wpg-tooltip-term-title">Coin</span></h3><div class="wpg-tooltip-content">A coin is a unit of digital value. When describing cryptocurrencies, they are built using the bitcoin technology and have no other value unlike tokens which have the potential of software being built with them.<p class="wpg-read-more"><a href="https://www.newsbtc.com/dictionary/coin/">» Read more</a><p></div>”>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.
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%
Discussion about this post