The XRP Price Faces Selling Pressure
The XRP price is currently trading sideways and experiencing selling pressure in the crypto market. It has fallen below the critical psychological level of $0.5 and is currently at $0.47, with a 2% loss in the past 24 hours. Over the previous week, XRP recorded a 9% loss, making it one of the worst performers.
Bitcoin Dominance Declines, Potential for XRP Price
An analyst on social media platform X shared a chart showing a decline in Bitcoin Dominance (BTC.D), which measures the total crypto market capitalization represented by BTC. When BTC dominance declines, it suggests investors may move away from BTC into other assets, benefiting the altcoin sector.
The analyst believes that BTC.D is facing substantial resistance and could return below 50% of the total crypto market cap. In the past, when BTC.D was at similar levels, the XRP price rallied above key obstacles at $0.60 and $0.70.
$BTC.D Got to the level where the $XRP Lawsuit win news came out. This caused a big altcoin rally at the time and also marked the 2023 top so far for $BTC and many other coins.
Altcoin Season Depends on SEC Decision
An altcoin season might be on the horizon for XRP and other cryptocurrencies, but it depends on the US Securities and Exchange Commission (SEC) decision regarding a spot Bitcoin Exchange Traded Fund (ETF). The approval of this financial product would reduce uncertainty in the market.
In recent hours, there has been movement around spot Bitcoin ETF applications, coinciding with increased volatility across the board. This movement could trigger an altcoin season or push the XRP price back to critical levels. Expert Eric Balchunas believes there may be some back-and-forth with the SEC on the ETF approval, but the fact that issuers are in discussions with the SEC is seen as positive.
Hot Take: XRP Awaits Altcoin Season and SEC Decision
The XRP price continues to face selling pressure, but there is hope for a potential rally. If Bitcoin Dominance declines further and the SEC approves a spot Bitcoin ETF, an altcoin season could be on the horizon. The XRP price has shown resilience in the past when faced with similar market conditions, and analysts believe it has the potential to overcome key obstacles and rally higher. Keep an eye on BTC.D and any news regarding the SEC decision as these factors could significantly impact the future of XRP.
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