For some time now, the crypto market has been hit with uncertainty. Bitcoin price recently fell below the 10k level and it dragged so many altcoins with it. Still, crypto enthusiasts believe that a bull run is coming soon and it may just push the coin to new highs. XRP, the third largest cryptocurrency by market cap has also had a rough month. After holding the $0.3 level for so long, the token breached the position as the bear applied more pressure. Is this a buy signal for XRP? Should you expect an altcoin bull run to send XRP to the moon?
XRP (XRP) Price Today – XRP / USD
XRP Has Survived Despite Harsh Crypto Winter
XRP has braved the market’s darkest moments. It has been riddled with several allegations of pump and dump or price manipulation. Also, the security status of the token is still pending. Despite all of these factors, the token survived.
Sadly, the coin has been on a downward slope despite all positive news surrounding the token. Different partnerships by its parent company, Ripple, are expected to push the price to the moon, but the effect is yet to be seen.
Some crypto pundits still believe that this is the best time to invest in XRP as the price is low. At the moment, XRP is trading at $0.274123 and has seen a 2% growth. It is the only coin in the top ten that is trading in the green zone. Still, this price is considered a good one for traders who want to make a profit later.
XRP is in the Oversold Region
Crypto analyst Naeem Aslam gave a reason to believe that this is a buy signal for XRP. Aslam said XRP is in the oversold region so buying it at the price may be an excellent idea for investors.
Also, the analyst claims that the token’s market is below the 200-week moving average. The Relative Strength Index has also fallen below 37. These are strong indicators to buttress the suggestion. Aslam says it is evident that the bear market has come to an end. This means that a possible bull run is on the way.
Bitcoin Dominance Isn’t Helping Altcoins
BTC dominance rose as high as 70% in recent times during the bear market. This move has made it easier for the altcoins to plunge heavily. Several altcoins including XRP saw double digit losses in the past weeks. Ethereum, the second largest cryptocurrency by market cap was not left out in the red zone.
Bitcoin price has managed to stay strong despite falling below $10k severally and hitting $12k. The coin has maintained market dominance and currently holds 69% of the entire market. This means the dominance of BTC has gone up by 50% in 5 months. The entire altcoin market is left to share just 31% of the total market. XRP was one of the coins with a larger share. In March 2019, the token has 10% dominance in the crypto market. Sadly, this figure has dropped to a meager 4%. How high can XRP go?