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

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

2024-12-02No Comments3 Mins Read
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  • Will XRP Flip Bitcoin? The price of the former has risen by more than 17% in the past 24 hours.
  • With the current trend, the index has now registered a six-year high.

As the cryptocurrency market continues to heat up, XRP is showing significant strength, with its price rising to $2.31 and on-chain activity reaching new highs.

The conversation surrounds whether XRP could challenge Bitcoin [BTC] This cycle is gaining momentum, supported by bullish price action and increasing market activity.

But can XRP really turn around Bitcoin, or is this just speculative hype?

Can XRP Flip Bitcoin?

The Ripple chart has seen a powerful rally in recent weeks, with XRP breaking through multiple resistance levels and trading at $2.31.

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

The MACD (Moving Average Convergence Divergence) reflected this momentum, with the MACD line sitting significantly above the signal line at 0.36.

However, the Relative Strength Index (RSI) of 93 indicated that XRP was overbought at the time of writing, making a short-term correction likely before further upside.

XRP price trendXRP price trend

Source: TradingView

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

Although XRP and Bitcoin are moving in the same direction for now, the difference in momentum indicates that XRP could decouple from Bitcoin, which is critical for a potential flipping.

Bitcoin dominance and transaction volume

According to AMBCrypto’s analysis of data from CoinMarketCapBitcoin’s dominance has fallen to 55.7% from 58.9% last month, signaling a resurgence of the altcoin led by XRP.

See also  Grayscale writes to US court about SEC's unequal treatment of Bitcoin ETFs

Historically, Bitcoin’s dominance tends to decline during bull cycles as liquidity shifts to altcoins, allowing projects like XRP to gain market share.

Dominance in the Bitcoin marketDominance in the Bitcoin market

Source: CoinMarketCap

However, Bitcoin still has significantly higher transaction volumes than XRP. The latter’s transaction volume spiked to $8.8 billion on December 1, the highest in months.

However, despite the spike, it could not reach the $13.25 billion recorded by BTC. At the time of writing, Bitcoin’s transaction volume reached $7.95 billion, compared to $2.42 billion for XRP.

Bitcoin XRP transaction volumeBitcoin XRP transaction volume

Source: Santiment

XRP network activity shows growth

Despite Bitcoin’s dominance in transaction volume, XRP activity surged on-chain. Daily active addresses on the XRP Ledger have seen a significant spike, indicating rising participation and usage of the network.


Realistic or not, here is the XRP market cap in terms of BTC


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

However, for Bitcoin to truly turn around, these metrics will need to see more spikes and be able to maintain momentum. The king coin remains dominant and XRP remains one of its challengers.

Next: Ethereum ETF Inflows Surpass Bitcoin for the First Time! How?

Source link

Analysis Bitcoin cycle datadriven reverse XRP
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