Can XRP Bitcoin Reverse This Cycle? A data-driven analysis

• Will XRP Flip Bitcoin? The worth of the previous has risen by greater than 17% previously 24 hours.
• With the present development, the index has now registered a six-year excessive.

Because the cryptocurrency market continues to warmth up, XRP is displaying important power, with its value rising to $2.31 and on-chain exercise reaching new highs.

The dialog surrounds whether or not XRP might problem Bitcoin [BTC] This cycle is gaining momentum, supported by bullish value motion and rising market exercise.

However can XRP actually flip round Bitcoin, or is that this simply speculative hype?

Can XRP Flip Bitcoin?

The Ripple chart has seen a robust rally in latest weeks, with XRP breaking by a number of resistance ranges and buying and selling at $2.31.

The 200-day shifting common (MA) of $0.62 and the 50-day MA of $0.87 confirmed a bullish crossover, indicating a continued uptrend.

The MACD (Transferring Common Convergence Divergence) mirrored this momentum, with the MACD line sitting considerably above the sign line at 0.36.

Nonetheless, the Relative Power Index (RSI) of 93 indicated that XRP was overbought on the time of writing, making a short-term correction possible earlier than additional upside.

Supply: TradingView

AMBCrypto additionally famous the correlation coefficient (CC) of 0.66 between XRP/USD and Bitcoin/USD.

Though XRP and Bitcoin are shifting in the identical route for now, the distinction in momentum signifies that XRP might decouple from Bitcoin, which is crucial for a possible flipping.

Bitcoin dominance and transaction quantity

In keeping with AMBCrypto’s evaluation of information from CoinMarketCapBitcoin’s dominance has fallen to 55.7% from 58.9% final month, signaling a resurgence of the altcoin led by XRP.

Traditionally, Bitcoin’s dominance tends to say no throughout bull cycles as liquidity shifts to altcoins, permitting tasks like XRP to realize market share.

Supply: CoinMarketCap

Nonetheless, Bitcoin nonetheless has considerably increased transaction volumes than XRP. The latter’s transaction quantity spiked to $8.8 billion on December 1, the best in months.

Nonetheless, regardless of the spike, it couldn’t attain the $13.25 billion recorded by BTC. On the time of writing, Bitcoin’s transaction quantity reached $7.95 billion, in comparison with $2.42 billion for XRP.

Supply: Santiment

XRP community exercise reveals progress

Regardless of Bitcoin’s dominance in transaction quantity, XRP exercise surged on-chain. Every day lively addresses on the XRP Ledger have seen a major spike, indicating rising participation and utilization of the community.

Reasonable or not, right here is the XRP market cap when it comes to BTC

Market sentiment round XRP is overwhelmingly constructive, with mentions and discussions on social media trending upward.

Nonetheless, for Bitcoin to really flip round, these metrics might want to see extra spikes and be capable of keep momentum. The king coin stays dominant and XRP stays one among its challengers.