XRP (XRP-USD) might have jumped over 3% in the last 24 hours on hopes of a resolution to Ripple’s legal battle with the SEC, but traders aren’t buying in. According to data source Velo, XRP’s annualized funding rates remain negative, signaling strong short-selling pressure. Meanwhile, Dogecoin (DOGE-USD) is on the brink of a bearish “death cross,” a technical pattern that could signal further downside. At the same time, Bitcoin’s dominance in the market has surged to 62.5%, its highest level since 2021, as investors rotate out of altcoins and into BTC for stability.
XRP Short Sellers Hold Firm Despite Price Gains
XRP’s negative funding rates on major exchanges show that short sellers are still paying to maintain their bearish bets. Additionally, cumulative volume delta (CVD) remains negative, meaning more money is leaving the token than entering. These indicators cast doubt on whether the recent price increase has staying power, despite optimism surrounding Ripple’s legal case.
Dogecoin Nears Bearish Death Cross
Dogecoin traders might want to buckle up. The meme coin’s 50-day simple moving average (SMA) is on the verge of crossing below its 200-day SMA, a classic bearish indicator known as the “death cross.” This pattern signals that short-term momentum is weakening relative to long-term trends, which could mean more pain ahead.
However, historical data suggests that death crosses aren’t always reliable predictors in the Bitcoin and Ethereum markets. Still, with DOGE already down 65% since December, the outlook isn’t exactly rosy.
Bitcoin Dominance Hits Highest Level Since 2021
While altcoins struggle, Bitcoin’s dominance in the crypto market has soared to 62.5%, its highest level since March 2021, according to TradingView. The figure has climbed steadily from 55% since December, reflecting a shift in capital away from riskier assets toward Bitcoin.
The total crypto market cap is still way down from its peak above $3.6 trillion, and it seems that investors are looking for safety in BTC. It’s holding up as the go-to asset when the market feels shaky.
For those watching these trends unfold, staying updated on price movements is key. Investors can track crypto prices on the TipRanks Cryptocurrency Center. Click on the image below to find out more.
Questions or Comments about the article? Write to editor@tipranks.com