- One analyst predicted that the token could rise up to 100% if it crosses a certain resistance.
- Bitcoin’s dominance fell and analysis showed that XRP could rise to $0.70.
CrediBULL Crypto, a pseudonymous analyst on X, is in the news after claiming that XRP could outperform Bitcoin [BTC] soon. The analyst reportedly noticed a bullish divergence in favor of XRP to make these observations.
In his post, the analyst noted that he checked the Higher Time Frame (HTF) demand zone. The HTF is a key area with a high probability of supply or demand and can help indicate critical support and resistance zones.
The analyst added that the altcoin had formed a lower base TF, while admitting that the HTF region was larger. As a result, he said XRP could rise 15% to 20% against Bitcoin at its narrowest.
At the same time, he explained that a 100% jump against BTC is not impossible, saying:
“Assuming BTC has found a local bottom here (which it will if local lows persist), XRP should perform much better than BTC during the recovery.”
At the time of writing, both XRP and BTC had not registered any significant downturns. While the price of Bitcoin fell to $63,727, the value of XRP fell to $0.59.
Source: CoinMarketCap
Bitcoin’s loss could be altcoins’ gain
However, its performance over the past 24 hours indicated that XRP may be more resilient to the turmoil the market could bring. For example, XRP registered a decline of 2.64%, while Bitcoin’s price below $64,000 represented a decline of 6.98%.
But one thing AMBCrypto noted was that there was a strong correlation between Bitcoin and the native Ripple token. For XRP to overtake BTC, the cryptocurrency trend must decouple and Bitcoin’s dominance must shrink.
When Bitcoin’s dominance increases, the price is stable or rising. In this case, altcoins lose market share. Conversely, a decline in Bitcoin’s dominance paves the way for a rise in altcoin prices.
In the past 24 hours, Bitcoin’s dominance has fallen from 54.21% to 53.63%. If this ratio drops below the average of 50%, XRP may have a chance to outperform the coin. If not, the token may remain in BTC’s shadow.
Source: TradingView
XRP plans to defy the scorn
On the chain side, AMBCrypto checked the sentiment traders had about XRP. According to Santiment, weighted sentiment around XRP fell into the negative region.
At the time of writing, the statistic was -0.091. The negative reading implies that comments about the token on social media platforms were bearish.
Source: Santiment
Realistic or not, here is the market cap of XRP in BTC terms
However, recent history showed that sentiment could be good for XRP. For example, weighted sentiment dropped to -1.525 on March 1. At that time, the price of XRP was $0.59. Two days later, the value rose to $0.64.
A similar scenario occurred between March 10 and 11. Based on these incidents, sentiment could be lower. But the price of the token could rise to $0.70 in the short term.