XRP (XRP-USD) Might Have Jumped Over 3% in the Last 24 Hours

XRP (XRP-USD) might have jumped over 3% in the last 24 hours

In the ever-shifting landscape of cryptocurrencies, recent developments have sparked discussion and analysis among traders and investors.

As XRP (XRP-USD) saw a surge of over 3% in the last 24 hours on hopes of a resolution to Ripple’s legal battle with the SEC, traders remained skeptical, according to data from Vola.

XRP’s annualized funding rates remained negative on major exchanges, even as the token rose 35% from its December lows. A negative funding rate indicates that short sellers are still paying to maintain their bearish bets.

Moreover, cumulative volume delta (CVD) also remained negative, implying that more money is leaving the token than entering it. These indicators cast doubt on whether the recent price increase will endure.

Despite optimism surrounding Ripple’s legal case, which could see a verdict as early as next week, traders appear to be approaching the token with caution.

Dogecoin On Verge Of Bearish ‘Death Cross’

Dogecoin (DOGE-USD) traders might want to prepare for more meme coin misery, as the 50-day simple moving average (SMA) is on the verge of dropping below the 200-day SMA.

This technical pattern, known as a “death cross,” usually signals that short-term momentum is weakening relative to long-term trends, which could mean more downside ahead. However, historical data from the Bitcoin and Ethereum markets suggests that these technical indicators aren’t always reliable predictors.

Dogecoin is already down 65% since reaching highs of $1.64 in December 2021, despite a brief rally in January. The meme coin has been struggling to regain its footing, and this technical indicator could spell more trouble ahead.

Bitcoin Dominance Hits Highest Level Since 2021

While altcoins are struggling, Bitcoin’s dominance in the crypto market has surged to 62.5%, its highest level since March 2021, according to TradingView. The figure has climbed steadily from 55% since December, reflecting a shift in capital away from riskier assets and into Bitcoin for stability.

The total crypto market cap is still way down from its peak above $3.6 trillion, and it seems that investors are looking for safety in BTC. It’s holding up as the go-to asset when the market feels shaky.