XRP Might Have Bottomed Against Bitcoin As It Rapidly Gains Market Dominance

Crypto Analysis And Forecast Of 9th May: XRP, XLM, and Cardano
Advertisement

For the last month, Ripple’s XRP has been slowly gaining market dominance going form a 4% dominance to 5% in a week. XRP is now gaining more dominance, faster as it is approaching 5.5% while Bitcoin has been slowly declining from 70% to 66%.

Looking at the XRP/BTC chart we can clearly see a big shift in momentum as the bulls have set a huge uptrend that doesn’t seem to be slowing down. On the weekly chart, the bulls have broken above the 12-period EMA as well as the resistance at 0.00003370. This seems to indicate that XRP has bottomed against Bitcoin, something that is also clearly reflected in the XRP/USDT pair.

XRP Might Have Bottomed Against Bitcoin As It Rapidly Gains Market Dominance
XRPUSDT Chart By TradingView

Ripple’s XRP has been the strongest cryptocurrency after the recent crash, forming a daily uptrend quickly and maintaining higher lows almost every day.

The bulls were able to push XRP above both EMA’s yesterday with a huge 8% increase in price and a lot of volumes. The EMAs are also looking for a bullish cross, probably tomorrow and the bulls have created a bull flag on the daily chart. 

The 4-hour chart shows a strong uptrend and the bulls just defended the 12-period EMA after a brief consolidation. The RSI has cooled off a little bit as it was really overextended, this gives the bulls some room for the next leg up.

Advertisement

The weekly chart is interesting and shows a possible equilibrium pattern forming. The bulls have just been rejected from the 12-period EMA but the momentum is still strong. The high of the pattern is $0.326 and the low is set at $0.2133.

XRP is currently trading in the middle of this range and it seems that the most likely scenario for XRP is to set a lower high followed by a higher low, confirming that Equilibrium pattern.

Technical indicators are signaling to buy on the daily chart but not on the longer timeframes. Will this strength against Bitcoin help XRP in the short term? 

What's Your Thought On This?, Let Us Know In the Comment Section Below.

Get Daily Crypto News On Facebook | Twitter | Telegram | Instagram