XRP gaining dominance after lawsuit victory!Welcome back to another analysis, where we dive into the latest market trends and chart the potential paths ahead!
Today, I examined the XRP Dominance chart. The chart reveals that we've broken out of a falling wedge resistance and have since retraced to retest the former resistance line as support. Additionally, a double bottom pattern has formed, accompanied by a bullish engulfing candle on the weekly chart, right at the base support line and the previous falling wedge resistance.
Notably, the volume data shows an interesting trend: XRP has seen more inflow volume than outflow, indicating potential accumulation by both retail investors and institutions.
We are currently facing additional resistance, but if we manage to break through and establish a bullish trend on the XRP Dominance chart, key resistance levels to watch will be around 3%, 4%, and 6% dominance. Historically, XRP once held 30% market dominance, and I believe this project has the strength to reach that level in the long term.
Turning to the BTC Dominance chart, it is also encountering significant resistance, suggesting a potential turning point where altcoins may outperform Bitcoin in the coming period.
Thank you for reading, and be sure to follow for more in-depth analysis like this!
For additional insights, I also share free weekly updates on X: @PuppyNakamoto.
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