In a recent post on X, technical analyst XRP Captain shared a chart that he believes challenges the prevailing focus on declining crypto prices.
While acknowledging that crypto assets, including XRP, have experienced downward pressure, he suggested that price action alone does not fully reflect what is occurring within the market.
His post was accompanied by a weekly chart showing the ratio of the total cryptocurrency market capitalization excluding the top 10 assets relative to Bitcoin, a metric often monitored to assess shifts in capital allocation across the market.
XRP Captain summarized his view with a brief but pointed remark: although crypto and XRP prices were falling, the chart told a very different story. The statement implies that longer-term data, when viewed through comparative ratios rather than individual price charts, may reveal signals that are not immediately visible during periods of volatility.
Crypto and #XRP prices were falling but this chart tells a completely different story 👀 pic.twitter.com/9MjZ4TduuD
— XRP CAPTAIN (@UniverseTwenty) February 3, 2026
What the Ratio Chart Indicates
The chart shared in the post spans several years and illustrates a sustained downward channel in the ratio between the wider crypto market, excluding the largest assets, and Bitcoin.
Over time, this ratio has consistently made lower highs and lower lows, reflecting Bitcoin’s relative strength during extended phases of market uncertainty. However, the most recent price action on the chart shows the ratio trading near the upper boundary of this descending structure.
By presenting this image, XRP Captain appeared to suggest that the market may be approaching a technically significant area. Even as prices remain under pressure, the ratio’s position within its long-term range may point to changing conditions beneath the surface. The use of a weekly timeframe emphasizes long-duration trends rather than short-term fluctuations.
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Utility, Volatility, and Market Behavior
The post attracted commentary from other users, including XRatedPerson, who added context to XRP Captain’s observation.
In a reply, the user stated that price follows utility rather than leading it, arguing that charts typically react after underlying developments have already occurred. The comment also noted that volatility serves as a test of conviction, implying that periods of uncertainty often precede decisive moves in the market.
Although XRP Captain did not elaborate further within the same thread, the pairing of his chart with this response underscores a shared view that price declines do not always invalidate underlying progress or structural positioning. Instead, they may reflect temporary conditions while longer-term factors continue to develop.
For observers of XRP and the crypto market at large, the chart serves as a reminder that price trends and underlying market dynamics do not always move in sync, particularly when viewed across extended time horizons.
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 advised to conduct thorough 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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