along withWith the cryptocurrency market facing a surge in selling pressure, XRP prices continue to consolidate sideways in a relatively short period of time. Although key cryptocurrencies may receive critical support, one analyst believes that there is still hope for XRPLedger native tokens
along withWith the cryptocurrency market facing a surge in selling pressure, XRP prices continue to consolidate sideways in a relatively short period of time. Although key cryptocurrencies may receive critical support, one analyst believes that there is still hope for XRPLedger native tokens.
As of the time of writing, the XRP price is below the critical psychological level of around $0.5, currently at $0.47, which has fallen by 2% in the past 24 hours. Last week, XRP was one of the worst performing currencies, falling 9%.
Will the dominance of Bitcoin decline and XRP prices stand out?
A pseudonym analyst on social media platform X recently shared a chart showing the decline in Bitcoin dominance (BTC. D). This indicator measures the total market value of cryptocurrencies represented by BTC.
When Bitcoin's dominant position decreases, the counterfeit currency industry will benefit as this indicator indicates that investors may shift from top ranked cryptocurrencies to other assets. Analysts say that BTC. D is at a critical level and faces significant resistance.
In this sense, the indicator may return to less than 50% of the total market value of cryptocurrencies. Last time BTC. D was at its current level, XRP prices rebounded above the two main obstacles of $0.60 and $0.70. The analyst stated that:
$BTC. D has reached the level where news of $XRP litigation victory has been spread. This caused a significant increase in counterfeit coins at the time, and also marked the price of BTC and many other tokens reaching the current level in 2023
The highest point of the stop.
Is the counterfeit currency season approaching? But some things need to make way
Based on this analysis, the XRP price and other cryptocurrency like counterfeit currency seasons may be approaching. However, analysts believe that the US Securities and Exchange Commission (SEC) needs to make a decision on spot Bitcoin exchange traded funds (ETFs).
The narrative surrounding this financial product has been having an impact on emerging industries, and if approved by the US Securities and Exchange Commission, the uncertainty in emerging industries will be greatly reduced. In the past 24 hours, there have been some changes in Bitcoin ETF spot applications.
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