In the XRP market, a potential head and shoulders pattern is forming on the daily XRP/USD chart, pointing to a positive outlook. The widening divergence on the daily RSI further supports the bullish narrative, pointing to a possible rally for XRP.
Bitcoin vs. XRP
As Bitcoin hovers around a fragile $26.2k support level, XRP seems more likely to rise beyond its current levels, fueled by eager FOMO traders. Ethereum and other top digital assets are closely following Bitcoin’s price action, making XRP a more attractive choice for investors.
#XRP Fib Channel: #XRP has closed 10 daily candles above Fib channel 0.786, that is #Bullish. Moreover, #XRP short term can have three tracks:
A) Yellow track: #XRP WILL make a higher high daily and attack Fib 1.0 around 0.55c.
B) White track: #XRP Will test Fib again… https://t.co/uqgzTQlZSj pic.twitter.com/ThCkVlSHji
— EGRAG CRYPTO (@egragcrypto) May 26, 2023
Bitcoin’s liquidity and market dominance
Being the oldest digital asset, Bitcoin’s liquidity depends on the widespread adoption of cryptocurrency. It trades on both centralized and decentralized exchanges, contributing to its large market dominance of around 48%. With a daily traded volume of approximately $12.7 billion, Bitcoin remains a major player in the crypto market.
Tether USDT: the leader in daily traded volume
On Friday, Tether USDT claimed the highest daily traded volume in the cryptocurrency industry, reaching around $19.2 billion. As a stablecoin, Tether provides stability and liquidity to traders, contributing to its popularity and high trading volume.
XRP remains unaffected by lawsuit
Despite a lawsuit from the SEC, Ripple has been able to increase XRP’s liquidity through strategic partnerships and acquisitions. The On-Demand Liquidity platform, which uses XRP for cross-border transactions, has been adopted in more than 40 payout markets. This innovative solution attracts institutional investors looking to optimize their capital and provide faster, more secure payments to their customers, surpassing traditional methods such as SWIFT.
