The crypto market is getting a little uncertain of late, although a lot of fans are still optimistic that a bull run will soon come into play. XRP is one cryptocurrency that has braved the darkest moments of the market especially the recently-ended crypto winter.
However, XRP seems not to get a price push upwards despite various positive news especially regarding Ripple and its efforts in propping up the crypto.
However, according to a claim by one crypto market analyst at ThinkMarkets, now might well be the best time to buy XRP at its current low price. At the moment, XRP trades at $0.2645.
XRP Is Oversold
In a tweet, the analyst, Naeem Aslam, argues that XRP is already oversold and buying in at the current price could be a great idea for investors.
Aslam also claimed that the XRP market is currently below the 200-week MA (Moving Average) and its RSI (Relative Strength Index) has dipped below the 37 mark. In Aslam’s opinion, these dynamics suggest that the bear market may have ended, paving way for a possible bull run.
BTC Dominance Threatens Altcoins
Over the last few weeks, bears have demonstrated some kind of a move that has threatened the market with plunging back into the already-ended winter. A lot of the altcoins, including the top coins like XRP and Ethereum, have shed off some figures.
On the other hand, Bitcoin has remained strong especially in terms of market dominance. BTC is currently at 69% by market dominance – up from 50% of 5 months ago. Basically, this means that the whole of the altcoin market shares the remaining 31%. In March 2019, XRP had a whole 10% market share in the crypto market. Today, the percentage has dropped way down to 4%.
Disclaimer: This Article Is Provided For Informational Purposes Only And Shouldn’t Be Taken As An Investment Advice.