Ripple (XRP) remains top of the crypto trending chart in a rare instance of bitcoin not being front and centre of the conversation during this prolonged, possibly perpetual altcoin off-season.
An OG of the altcoin space, XRP remains around 60% higher week on week since developer Ripple Labs claimed a win late last week in its long-running securities dispute in the US.
As discussed in Proactive on Friday, the actual ruling is more nuanced than that. Plus the three-year lawsuit of far from over and is expected to go to trial.
Nonetheless, XRP remains by far the top performer in the altcoin space right now, having flipped Binance’s BNB token for the top-four cryptocurrency by market capitalisation.
At the time of the writing, XRP was swapping for US$0.75 with a market cap of US$39.4bn.
Though this represents a 20% retraction from Friday’s 21-month high, it puts Ripple (XRP)’s performance well above the nest strongest blue-chip altcoin Solana (SOL).
XRP’s rally is even more exceptional when compared to the world’s benchmark cryptocurrency bitcoin.
Bitcoin stumbles, but recovers market dominance
Bitcoin trended downwards over the weekend following a highly volatile end to the week which saw the BTC/USDT pair surge to a year-on-year high on Thursday, only for a bearish engulfing candlestick pattern to slash these gains from the spot price.
Bitcoin saw low-single-digit losses both Saturday and Sunday before knocking half a percentage point higher in this morning’s Asia trading window.
At the time of writing, the BTC/UDST pair was changing hands at US$30,300. A strong support line is marked at US$30,100 per Binance’s order book.
Friday’s bearish engulfing pattern keeps BTC on the backfoot – Source: currency.com
However, bitcoin dominance, a measure of bitcoin’s share of the entire crypto market, has recovered the 50% mark after slipping below the threshold on Saturday.
This suggests that Ripple (XRP)’s performance has not managed to support a wider altcoin rally.
Over to Ethereum (ETH), the world’s second-largest cryptocurrency also saw low-single-digit losses over the weekend before adding nearly a whole percentage point this morning.
ETH/USDT is currently trading at US$1,926, roughly 4% higher week on week.
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