XRP has been one of the best-performing cryptocurrencies over the past day. After lying dormant for much of the past few months, the cryptocurrency has gained over 50% over the past few days, rallying from the $0.34 range to $0.51 as of this article’s writing.
The coin is currently up 15% in the past 24 hours, outperforming Bitcoin’s 1.5% performance over that same time frame.
Analysts think that XRP could continue its ascent in the coming days and weeks. While there may not be any fundamental drivers for the coin right now, there are many that think it will benefit as the Bitcoin dominance tops out and as the retail investors have joined the market once again.
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XRP Finally Bounces
XRP has finally begun to bounce against the U.S. dollar and against Bitcoin after months of inactivity.
Analysts think that the coin could continue its ascent to the upside as it breaks key resistance levels. One trader recently commented on the cryptocurrency’s prospects against Bitcoin:
“There’s the confirmed breakout from the multi-month downtrending channel. This entire rally started in a historically relevant demand area (blue circle) from which XRP has enjoyed exponential trend reversals.”
What seems poised to drive the cryptocurrency even higher in the weeks ahead is the entrance of retail entrants.
Where Bitcoin’s rally over the past few months has largely been driven by institutional players, retail investors are starting to re-enter the space.
This is most evident by the rallies in coins such as XRP, Nano, and other 2017-era coins that many say have lost their shine since the last bull market.
XRP also could benefit from fundamental factors in the weeks and months ahead.
Bitcoin Dominance to Boost Altcoins
It is said that Bitcoin’s dominance is set to drop in the weeks and months ahead, which should bolster XRP’s chances at rallying.
The same trader that predicted that Bitcoin would drop to the $9,000s in September recently shared that the momentum of the Bitcoin dominance is clearly favoring altcoins moving forward.