XRP News: XRP Dominance Surges, Raising Questions About Its Potential to Rival Bitcoin and Ethereum

In the volatile world of cryptocurrencies, XRP has emerged as a standout performer in recent times. Despite the broader market experiencing significant losses, XRP has seen its dominance soar to its highest level since 2020. This rise has not gone unnoticed, sparking discussions about its potential to challenge the dominance of Bitcoin and Ethereum.

XRP Dominance Booms as Altcoins Bleed; Can it Challenge Bitcoin and Ethereum?

Despite significant losses across altcoins, XRP’s dominance has reached its highest level since 2020, gaining 2.61% over the past day. Over the past year, XRP has grown from a low of $0.4 to a high of $3.2, significantly impacting its position in the wider crypto market. At press time, XRP’s dominance was outperforming the majority of altcoins and even Bitcoin [BTC], which is currently at its highest level of dominance in this cycle according to a 3-day timeframe.

SEC May Reclassify XRP As A Commodity; Vermont Drops Suit Against Coinbase

The SEC is considering reclassifying XRP as a commodity, which could establish a precedent for Ripple in its ongoing case with the SEC. Meanwhile, Vermont regulators have dropped their suit against Coinbase, citing the SEC’s new Crypto Task Force as a reason. This development could also benefit Ripple, as the state financial regulators previously argued that staking services violated securities laws but now no longer hold this position.

XRP Bulls Struggle To Break Key Resistance At $2.2546: What’s Next?

XRP bulls are making a strong push, but the $2.2546 resistance level is proving to be a tough barrier. After a steady upward climb, buying momentum has weakened as sellers step in to defend this key level. A successful breakout could signal a continuation of the uptrend, driving XRP toward new highs and reinforcing positive sentiment in the market. However, if buyers fail to overcome this hurdle, XRP may face a pullback, with traders eyeing lower support levels for stability. market sentiment remains a key factor in XRP’s ongoing battle.

XRP Potential Major Rally Predicted by Analyst

Ripple’s XRP, a top-performing crypto last year, is currently trading between $2.15 and $2.30, far from its 52-week high of $3.38. Despite the broader crypto market downtrend, some analysts expect a major rally for XRP. Crypto analyst Egrag Crypto predicts another price run for XRP based on its current Elliot Wave structure compared to its 2017 fractals. The altcoin is holding steady above the critical $2 price support.