XRP Breaks Its Long-Term Downtrend in Market Dominance, Signaling a Potential Bullish Shift Similar to Its 2017 Rally

XRP breaks its long-term downtrend in market dominance, signaling a potential bullish shift similar to its 2017 rally.

Analysts are predicting that XRP’s market dominance is setting the stage for a bullish shift in 2025, diverging from the bearish outlook many have on the cryptocurrency.

Since reaching highs in 2017, XRP has been steadily declining in market dominance. However, a recent break above this downtrend could signal a reversal. This could see XRP return to claim higher market dominance, similar to its role during the 2017 bull run.

Analyst Josh of Crypto World noted that on the 3-day chart, the market is still displaying bearish divergence. This suggests that any substantial bullish activity might be limited. Over the last few months, this pattern has continued, with only minor price increases failing to generate any major rallies.

Support and Resistance Levels to Watch

In the short term, XRP has a strong support zone at $2.24 to $2.30, with an additional support level between $1.95 and $2.05. On the resistance side, there is a key level just above $2.60, followed by stronger resistance between $2.65 and $2.80, and another crucial zone around $3.

In the short term, there is a crucial support zone for XRP at $2.24 to $2.30, with an additional support level located between $1.95 and $2.05. As for resistance, there is a significant level just above $2.60, followed by stronger resistance between $2.65 and $2.80, and another key zone around $3.

Currently, XRP’s price is largely moving sideways, bouncing between support and resistance levels. This range-bound action has been ongoing for the last month, resulting in relatively slow and uneventful price movements. Despite the seeming dullness, there are still opportunities for profit if the right strategies are applied.

What’s Next for XRP?

XRP’s market dominance will be interesting to watch as it may provide a clearer picture of the coin’s future direction. With analysts forecasting continued growth in the crypto market, XRP could be well-positioned to claim a leading role in the coming months.