As bulls successfully repelled the bears’ onslaught, XRP had a big bounce, rising by about 5%. After three days of losses, XRP hit a low of $0.44 on April 22. This follows a week in which risky assets like cryptocurrencies suffered a significant fall.
Around $0.456, a crucial daily MA 50 support, bulls quickly purchased the drop as XRP slipped below it. The price of XRP rose again as a result of this.
On April 22, the sixth-largest cryptocurrency, XRP, posted a green candlestick for the first time since April 18 as it moved to intraday highs of $0.476, registering gains. At the time of publication, XRP was up 4.23% in the previous 24 hours at $0.47, albeit some of the gains were beginning to slow.
The majority of cryptocurrencies also experienced modest gains after dip buying as the bears momentarily rested. A mixed week for cryptocurrencies was highlighted by falling prices and a few encouraging signs.
Several traders have executed short bets as a result of the negative performance thus far in order to profit from the declining prices. Short sellers are compelled to cover their positions whenever purchasing pressure picks up again, therefore the possibility of a short squeeze still exists.
One significant step in favour of cryptocurrencies was the European Parliament’s adoption of full cryptocurrency legislation this past week. This was the first large area to do so. The Coinbase bitcoin exchange obtained a licence to operate in Bermuda as part of its attempts to expand internationally.
Bitcoin dominance suggests opportunities for Altcoins
The rise of other cryptocurrencies known as altcoins may soon begin surpassing Bitcoin, as seen by the stagnation in Bitcoin’s (BTC) dominance rate, or Bitcoin’s proportion of the whole crypto market.
At the time of writing, Bitcoin has a 47.23% market share. The domination rate of Bitcoin, according to TradingView statistics, hit 48% in the first quarter and has remained there so far this month. They have historically offered opportunities for cryptocurrencies.
Similar negative swings in the dominance rate that took place in mid-October 2021 and mid-June 2022 led to an increase in altcoin prices.
With daily gains of 4%, XRP is outpacing Bitcoin’s daily gains of 1.56%.
