XRP market dominance skyrockets to an 8-month high, with the asset’s next move poised to result in an 82% surge to the $0.89 level.
XRP has continued to outperform the rest of the crypto market, leading to a steady increase in its market dominance. Amid this increase, the asset’s dominance recently skyrocketed to an 8-month high. Meanwhile, analysts have forecasted a potential XRP rally to $0.89, which would mark an 82% surge.
In a recent tweet, JD, a skilled chartist, called public attention to this impressive growth in XRP’s market dominance. Citing the XRP Market Cap Dominance chart on a 2-week timeframe, the analyst referenced a 5.5-year downtrend that XRP recently cleared in one of its solo runs.
$XRP Dominance hasn't been this high since October 2022 and its quickly rising!
Hype is about to be real if structure breaks higher! pic.twitter.com/9OfccYVmue
— JD 🇵🇭 (@jaydee_757) June 9, 2023
Notably, XRP slipped below the 5.5-year trendline in 2017. An attempt to tower above it in December 2020 was frustrated by the SEC lawsuit which began that month. XRP broke out of the trendline last October and has since remained above it.
“Altcoins are bleeding against XRP. Even BTC pairing is bleeding against XRP. It’s getting interesting. Hype is about to be real if structure breaks higher,” JD disclosed. It bears mentioning that XRP has recently outperformed Bitcoin and the rest of the market, leading to a rise in its market dominance.
The market dominance chart retested the dreaded trendline in January but immediately recovered, receiving support from the March solo run. XRP’s Market Dominance has now increased to 2.51%, representing the levels last seen in October.
Despite this favorable reality, JD has identified a stern resistance point at the 3% mark. This resistance has opposed all attempts at a rally since 2021. The analyst believes XRP is currently aiming for this resistance level, and a breakout would be bullish for the asset.
XRP May Rally to $0.89 Soon
In a separate analysis, Dark Defender, another prominent chartist, identified a Hammer pattern formed on the XRP weekly and monthly charts. Notably, a hammer is a bullish reversal pattern that occurs during an asset’s downtrend.
We are getting close to a new weekly candle. The critical point will be at $0.5454, & then $0.59.
I expect XRP to break here towards $0.8917… pic.twitter.com/ccFEjgispm
— Dark Defender (@DefendDark) June 9, 2023
Dark Defender stressed that XRP is close to forming a new weekly candle, with important price targets at $0.5454 and $0.59. The analyst noted that he expects XRP to hit $0.8917 soon, especially after recapturing the targets at $0.54 and $0.59. Hitting $0.8917 would mark an 82% increase in XRP’s current value.
However, opposition to this analysis has emerged, with Egrag highlighting that the asset might not have formed a hammer. Meanwhile, XRP recently recorded one of its largest short-term dips in recent times, dropping by 8.62% this morning. The asset currently trades below $0.50, changing hands at $0.4897.