In a recent tweet, prominent cryptocurrency analyst Dark Defender shared an analysis of XRP’s historical bull runs and their correlation with Bitcoin in the crypto market.
The analyst claims that XRP’s price increases have historically been triggered by a decline in Bitcoin (BTC) dominance, referencing bull runs in 2017 and 2021 as evidence.
This analysis has generated significant interest, as investors look for insights into potential future movements in XRP’s value.
As we said BTC Dominance was on top!
Many mixed the last post with BTC price 🙂
So check it again, it is dominance
every time #BTC dominance PLUNGES, $XRP Bull Run begins like in 2017, 2021
— Dark Defender (@DefendDark) November 1, 2024
Understanding Bitcoin Dominance and Its Influence
Bitcoin dominance is a metric that shows Bitcoin’s market cap as a percentage of the total cryptocurrency market cap. When Bitcoin’s dominance rises, it suggests that investors are favoring Bitcoin over other cryptocurrencies, often at the expense of altcoins.
Conversely, when Bitcoin dominance falls, it can indicate that funds are flowing out of Bitcoin and into altcoins, potentially leading to price increases in other cryptocurrencies, including XRP.
Dark Defender’s analysis focuses on this dynamic. He asserts that XRP’s price surges have historically coincided with periods of declining Bitcoin dominance. According to the analyst, this pattern could repeat in the current market cycle, potentially initiating another bull run for XRP.
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Historical XRP Bull Runs and BTC Dominance
In his tweet, Dark Defender highlights two key timeframes: 2017 and 2021. These were periods during which XRP experienced significant price increases, which he attributes to declines in Bitcoin dominance.
2017 Bull Run (March – December 2017): This period saw a massive increase in XRP’s value, with the coin surging by thousands of percent. Dark Defender points out that this bull run started as Bitcoin dominance began to drop. During 2017, the broader cryptocurrency market entered a bullish phase, with many altcoins experiencing substantial gains as BTC dominance declined.
2021 Bull Run (January – April 2021): In early 2021, XRP experienced another substantial price increase. Dark Defender connects this bull run to a similar decline in Bitcoin dominance, as funds began flowing into altcoins. The pattern observed was similar to 2017 when Bitcoin’s influence over the market weakened, leading to significant gains for altcoins, including XRP.
Projection for a Potential 2024 XRP Bull Run
In the attached chart, Dark Defender suggests that a similar scenario could unfold in 2024, predicting another XRP bull run between November 2024 and November 2025.
According to his analysis, Bitcoin dominance is currently at a high level but may soon begin to decline. If this decline happens as he anticipates, it could create favorable conditions for XRP and other altcoins to rally.
Furthermore, the analyst emphasizes that his insights are not financial advice and encourages investors to seek professional guidance when making investment decisions.
Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.
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