Dark Defender (@DefendDark), a prominent crypto analyst on X, recently shared an updated XRP price analysis. The analyst noted that the digital asset is about to begin a massive bill run as the market conditions he initially predicted have come to fruition.
In his previous analysis, Dark Defender revealed that historically, a decline in Bitcoin dominance has correlated with substantial bull runs for XRP. This pattern was evident in early 2017 and again in 2021 when the digital asset experienced notable price surges as Bitcoin’s market share decreased.
In 2017/2018, this dominance cycle sent XRP to its all-time high of $3.84, after Bitcoin’s dominance fell from a notable level of 96.25%. After the digital asset hit this level in January 2018, it quickly fell as Bitcoin’s dominance rose.
The cycle repeated in 2021 when Bitcoin’s dominance fell and XRP rose to a remarkable $1.96 despite the legal battle between Ripple and the U.S. Securities and Exchange Commission (SEC).
Finally there, phew.. pic.twitter.com/moObyQpNog
— Dark Defender (@DefendDark) October 29, 2024
Current Market Analysis
Bitcoin dominance has been on a decline over the past few days. After climbing above 60.2%, it began falling. It is currently at 57.88%, down 0.40% over the past 24 hours, with Bitcoin’s market cap experiencing a 1.75% drop, dragging it to $ 1.42 trillion in the same period.
Dark Defender predicted that the bull run would start in November 2024 and end in November 2025. In his update, he wrote, “Finally there,” referencing the decline in Bitcoin’s dominance, paving the way for the surge to begin in November.
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— TimesTabloid (@TimesTabloid1) July 15, 2023
An Impending XRP Bull Run
There are many reasons to be bullish for XRP, as the XRP Ledger (XRPL) and the broader ecosystem have seen many notable developments that support this outlook. Ripple is about to launch RLUSD, a game-changing stablecoin that could help boost XRP’s adoption and draw users to the XRPL.
XRP and RLUSD are the core of Ripple’s payment solution, and these assets could take the XRPL and Ripple’s payment technology to a new level. Ripple has been expanding its payment services to companies and governments worldwide. Also, as the ecosystem grows, XRP adoption increases.
A recent Forbes report delved into XRP’s potential and cross-border payment capabilities. Many in the crypto world believe the asset’s growth could help it replace SWIFT and allow for seamless cross-border payments without delays, downtimes, high fees, or failed transactions. There’s much to be excited about for XRP, and the potential surge in November could cement its place as a top player in the financial world.
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