Will XRP Suffer as Bitcoin Dominance Continues to Rise?

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Cryptodnes2024/12/06 23:55

By:Cryptodnes

Recently, both Bitcoin (BTC) and XRP have seen a slowdown in their upward momentum, leaving some investors anxious about the market's direction, while others anticipate a rebound.

Pav Hundal, the chief analyst at Swyftx, warned that XRP might face significant losses if Bitcoin continues to strengthen its dominance in the market. He suggested that XRP could experience a sharp decline, with many long positions being wiped out in the process.

According to Hundal, if Bitcoin continues to gain market share, a shift from XRP to BTC could trigger a “bloodbath” for XRP investors, especially those who are heavily leveraged.

The analyst also highlighted that investor optimism for XRP has surged following its impressive recent growth, with many still holding long positions despite the price dip. On December 5, XRP’s open interest hit $3.44 billion, a substantial increase compared to the $2 billion seen during its April 2021 rally.

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Hundal suggested that while XRP and other altcoins may see some volatility, their trading volumes and prices could rise again once Bitcoin stabilizes and its dominance diminishes.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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