The post Ripple Ruling Spurs Altcoin Market Interest; Analysts Predict Imminent Turnaround appeared first on Coinpedia Fintech News
The positive Ripple ruling last week has sparked a renewed interest in the altcoin market. A recent report by Kaiko Research reveals that Bitcoin’s dominance has decreased by 8% across the 25 largest exchanges this month.
In a recent YouTube video, well-known analyst Davinci Jeremie stated that the altcoin market has likely hit its bottom and is now on the verge of a positive trend. Despite facing a tough period during the bear market, altcoins are expected to recover as Bitcoin’s dominance drops further. Jeremie suggests that once Bitcoin’s dominance reaches around 60%, altcoins will start showing signs of recovery.
However, Jeremie also points out that Bitcoin is struggling to break above a key resistance level, which may lead to a further downturn. He sets a potential target for a bounce back at around $28,950. As for Ethereum, the analyst warns of a possible drop to around $1825 if it fails to break a crucial upward trend line. Staying within the current range, though, could indicate a positive outlook for the altcoin’s future performance.
XRP Outperforms Major Altcoin
The present market conditions are marked by high volatility, with no clear driving force behind it. The involvement of the US government and significant Bitcoin sell-offs by miners contribute to overall uncertainty. Despite these challenges, the XRP token and other altcoins have shown resilience. XRP, in particular, has witnessed a remarkable 45% gain in the past two weeks and is currently trading at $0.71.
Additionally, the recent Kaiko report highlights the growing interest in XRP beyond the borders of the United States. Notably, the Korean market, renowned for its active altcoin trading, has experienced a surge in both retail and whale buying of XRP. This indicates a widespread interest in altcoins, further bolstering the positive sentiment surrounding their potential recovery.
With the positive ruling for Ripple and the increasing interest in altcoins, investors are keeping a close eye on the market’s movements. Analysts like Davinci Jeremie are optimistic about the potential turnaround, while also cautioning about the challenges posed by Bitcoin’s performance and overall market volatility. As the situation unfolds, market participants eagerly await signs of a sustained upward trend for altcoins in the ever-evolving cryptocurrency landscape.