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XRP has been one of the best performing cryptocurrencies in the last day. After lying dormant for most of the past few months, the cryptocurrency has gained over 50% in the past few days, rising from $ 0.34 to $ 0.51 at the time of writing.
The coin has currently risen by 15% in the past 24 hours, outperforming Bitcoin’s 1.5% over the same time frame.
Analysts think XRP could continue its rise in the coming days and weeks. While there may be no fundamental drivers for the coin right now, there are many who think it will benefit when Bitcoin’s dominance is at its peak and retail investors rejoin the market.
Related Reading: Here’s Why Ethereum’s DeFi Market May Be Near Bottom
XRP finally rebounds
XRP has finally begun to rebound against the US dollar and Bitcoin after months of inactivity.
Analysts think the coin could continue its upward ascent as it breaks through key resistance levels. A trader recently commented on the cryptocurrency outlook against Bitcoin:
“There is the breakout confirmed by the multi-month downtrend channel. The entire rally started in a historically relevant demand area (blue circle) from which XRP has enjoyed exponential turnarounds. “
What looks set to propel the cryptocurrency even higher in the coming weeks is the entry of retail traders.
Where Bitcoin’s rally in recent months has been largely driven by institutional players, retail investors are starting to re-enter space.
This is especially evident from the rallies of coins like XRP, Nano and other 2017 era coins that many say have lost their luster since the last bull market.
XRP could also benefit from fundamental factors in the weeks and months to come.
Related reading: Tyler Winklevoss: A “tsunami” of capital is coming for Bitcoin
Dominance of Bitcoin to increase altcoins
IS She said that the domain of Bitcoin will diminish in the weeks and months to come, which should strengthen the ability to rally XRP.
The same trader who predicted Bitcoin would drop to $ 9,000 in September recently shared that the momentum of Bitcoin’s dominance is clearly favoring the advancement of altcoins.
Chart of the Bitcoin dominance over the past few years with analysis by crypto trader coiner Yadox (yodaskk on Twitter). Source: BTC.d from TradingView.com
Related reading: 3 Bitcoin chain trends show a macro bull market is brewing
Featured Image from Shutterstock Price tags: xrpusd, xrpbtc Charts from TradingView.com XRP Continues Rapid Ascent With 15% Gain, Outperforming Bitcoin by 1,000%
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