In summary:
It is now 48 hours till the Bitcoin halving event and the price of BTC is holding $9,700 as a support zone. Further digging deeper into the crypto market dominance chart, we find that the King of Crypto is firmly leading the rest, and commanding 68% of the total crypto market cap. BTC’s dominance is steady at this value and only time will tell if Bitcoin will provide breathing room for alts to thrive
ahead of the Bitcoin halving.Back in early April, we had postulated that XRP could hit $0.25 based on the 3-Day chart. In our analysis, he had seen a possible scenario where the value of XRP would continue to gain in the markets and achieve a local top at around the same time the Bitcoin halving occurred. We explained:
…the coin is exhibiting bullish momentum that might peak at the same time the Bitcoin halving occurs. Between now and then, XRP might just reclaim the psychological support of $0.25.
Further checking our favorite 6-hour XRP/USDT chart courtesy of Tradingview.com, we observe the following.
The dominance of Bitcoin is high at 68% ahead of the halving. Such a high value puts alt-coins such as XRP at the mercy of the price movement of BTC. The remittance coin has been exhibiting sideways movement for the month of May that has resulted in a wedge forming on the 6-hour chart. This wedge could resolve in a bullish manner in the coming hours. However, XRP still faces stiff resistance levels on its journey to $0.25 in addition to Bitcoin dominating the markets and trading discussions.
As with all analyses, traders and investors are advised to use adequate stop losses to protect their trading capital.
(Feature image courtesy of on Unsplash.com.)