XRP Short Bias Remains as BTC Dominance Reaches 62.5%
The crypto market is stabilizing, with cautious trading in altcoins like XRP while investors shift funds to Bitcoin.
- XRP rose over 3% to $2.24 amid hopes for a resolution in Ripple’s legal battle with the SEC.
- Cumulative open interest in perpetual futures is near 1.35 billion XRP.
- Negative funding rates indicate dominance of bearish positions, and negative cumulative volume delta suggests more selling than buying volume.
- Many large-cap tokens, including DOGE, SOL, and LTC, show negative CVDs over 24 hours.
- DOGE's 50-day simple moving average is crossing below its 200-day SMA, indicating a potential bearish trend.
- DOGE has dropped 65% since its peak above 48 cents in December.
- Bitcoin's dominance rate has increased to 62.5%, the highest since March 2021, up from 55% as the total market cap peaked above $3.6 trillion in December.