In the XRP market, a potential head and shoulder pattern is forming on the XRP/USD daily chart, signaling a positive outlook. The rising divergence on the daily RSI further supports the bullish narrative, indicating a possible rally for XRP.
Bitcoin VS. XRP
While Bitcoin hovers around a fragile support level of $26.2k, XRP appears more likely to surge from its current levels, fueled by enthusiastic FOMO traders. Ethereum and other top digital assets closely follow Bitcoin’s price action, making XRP a more attractive choice for investors.
#XRP Fib Channel: #XRP has closed 10 daily candles above Fib channel 0.786 which is #Bullish. Moreover, #XRP short-term might have three tracks:
A) Yellow Track : #XRP WILL make higher high on the daily and attack Fib 1.0 around 0.55c.
B) White Track: #XRP Will retest Fib… https://t.co/uqgzTQlZSj pic.twitter.com/ThCkVlSHji
— EGRAG CRYPTO (@egragcrypto) May 26, 2023
Bitcoin’s Liquidity and Market Dominance
Being the oldest digital asset, Bitcoin’s liquidity depends on widespread cryptocurrency adoption. It is traded on both centralized and decentralized exchanges, contributing to its large market dominance of approximately 48%. With a daily traded volume of around $12.7 billion, Bitcoin remains a significant player in the crypto market.
Tether USDT: The Leader in Daily Traded Volume
On Friday, Tether USDT claimed the highest daily traded volume in the cryptocurrency industry, reaching about $19.2 billion. As a stablecoin, Tether provides stability and liquidity to traders, contributing to its popularity and high trading volume.
XRP Remains Unimpacted By Lawsuit
Despite facing a lawsuit from the SEC, Ripple has managed to increase XRP’s liquidity through strategic partnerships and acquisitions. The On-Demand Liquidity platform, utilizing XRP for cross-border transactions, has been adopted in over 40 payout markets. This innovative solution attracts institutional investors seeking to optimize capital and provide faster, more secure payments to their customers, surpassing traditional methods like SWIFT.
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- Source: https://coinpedia.org/altcoin/why-xrp-price-is-up-today-surges-3-2-amidst-bearish-sentiments/