Can XRP Overthrow Bitcoin This Cycle?
XRP Hits $2,872: Is the New King of Crypto Coming?
The cryptocurrency market is experiencing a wave of excitement, with XRP emerging as the shining star as its price surged to $2,872 – a multi-year high.
Along with that, XRP's on-chain activity also hit a record, sparking debate about whether the coin can dethrone Bitcoin (BTC) in the current growth cycle.
Is XRP Challenging Bitcoin?
Over the past weeks, XRP has broken through a series of resistance levels and is currently trading at $2.31. Technical indicators also reinforce the belief in a sustainable bullish momentum:
The 200-day moving average at $0.62 and the 50-day moving average at $0.87 have crossed, signaling an uptrend.
However, the RSI reached 93, suggesting that XRP could correct temporarily before continuing its upward momentum.
One notable point is that XRP tends to separate from Bitcoin – an important factor in being able to “overthrow” the dominance of the world's largest cryptocurrency.
Bitcoin Still Leads, But XRP Is Closely Following
Data from CoinMarketCap shows that Bitcoin's dominance has dropped from 58.9% to 55.7% over the past month, as money flows into altcoins like XRP.
Still, Bitcoin dominates in terms of trading volume. On December 1, XRP's volume reached $8.8 billion, but that's still below Bitcoin's $13.25 billion.
Currently, Bitcoin records $7.95 billion, while XRP only reaches $2.42 billion.
The Future of XRP: Opportunity or Just a Bubble?
XRP’s on-chain activity is surging with the number of daily active addresses increasing significantly, reflecting positive investor participation.
However, to truly surpass Bitcoin, XRP needs to maintain strong growth momentum over a long period of time.
Currently, Bitcoin still holds the position of “king” of the market, while XRP is on its way to becoming a formidable competitor.
Is this the start of a historic turnaround, or just a short-term speculative wave? The answer will depend on how the market reacts in the coming period.