XRP Surges as Bitcoin Dominance Drops, Sparking Altcoin Season Hopes

Reported by News BTC, “After facing a sharp sell-off yesterday, Bitcoin was once again able to find support within the upper-$7,000 region, and its recovery back above $8,000 has triggered a notable XRP rally, which is sparking hopes that the next ‘altseason’ is inbound.

“XRP’s rally today has led analysts to note that its technical strength is currently building, which could mean that significantly further gains are imminent in the near-future.

“At the time of writing, XRP is trading up nearly 8% at its current price of $0.275, which is up significantly from its daily lows of $0.25 – a region of significant support that has held strong for the past several days and weeks.

“It is important to note that analysts have previously explained that the $0.25 region had proven to be an incredibly strong long-term level of support that had been formed in 2018 after the crypto plummeted from its early-January highs of over $3.00, and its bullish response to its recent bout of consolidation within this region seems to confirm the fact that this is a critical support level.

“Today’s upwards movement has allowed XRP to begin forming some technical strength, and Josh McGruff, a popular crypto analyst on Twitter, noted in a recent tweet that he expects XRP to incur further gains in the near-future.

“’OBV downtrend has been broken, Guppy flipping to green should be on the horizon. Still inside the cloud, considered consolidation still. Breaking above the cloud, Kumo Twist, and breaking the 200MA, I’d consider this a complete trend shift from Bear to Bull. $XRP,’ he noted.”

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