XRP Price Rises as Bitcoin Hits $98K – Altseason Starting?

Even though the price of Bitcoin has retreated lately from its all-time high of $108K, XRP continues to deliver gains to investors.

Analysts believe that the contrasting performance of these two digital assets could be an early indication that the so-called alt-season is getting started.

This is a part of the crypto market’s bullish cycle that is usually marked by a spike in the price of other cryptocurrencies aside from BTC after the latter experiences a significant push.

According to data from CoinMarketCap, XRP delivered gains of 54.7% in the past 30 days that have propelled its market cap to the fourth place in the list of most valuable digital assets. During this same period, the price of BTC has stood unchanged at around $98,075.

One of the most significant drivers of these gains is the launch of RLUSD, the novel stablecoin launched by Ripple that is already listed on top crypto exchanges. On Christmas Eve, the project announced that multiple trading pairs were now available on Bullish including BTC/RLUSD and ETH/RLUSD.

These announcements come after several other exchanges like CoinMENA, Bitso, and Uphold made similar announcements.

“Combining our 10+ yrs in the business; the rigor & compliance required with stablecoin issuance by a @NYDFS chartered company; and an experienced Advisory Board – RLUSD is launching from Day 1 with credibility, utility and a whole host of partners ready to support it!” commented Monica Long, the President of Ripple in regard to the stablecoin’s prospects.

History Repeats Itself? Altseason Typically Begins after Huge BTC Drawdowns

One analyst on X called Mister Crypto shared an interesting chart that shows historical parallels between Bitcoin’s post-halving dominance. History may not repeat itself, but it sure rhymes based on this chart.

It appears that BTC dominance has declined significantly shortly after the network experienced a halving both in 2016 and 2020.

In 2020, dominance jumped from 66% to 71% just seven months after the halving. However, it progressively collapsed until reaching a bottom at 40% around twelve months later.

Meanwhile, BTC dominance has been steadily increasing to a peak of 60% in October – 6 months after the halving – and has started to decline since then. If a similar pattern unfolds during this cycle, the next 12 months could witness a phenomenal performance from the altcoin sector.

XRP is positioned favorably to reap the rewards of an altcoin supercycle as Ripple is based in the United States – an increasingly pro-crypto jurisdiction now that Donald Trump has taken office and dozens of supportive lawmakers are about to push for favorable legislative changes.

A closer look at the XRP chart shows that the $1.95 horizontal support is the most critical area to watch moving forward. A drop below this threshold could signal that altseason is not yet beginning.

However, a break above the $3 area could mean that XRP’s bulls are ready to push the asset to new heights.

The confluence of several tailwinds including the launch of RLUSD, Donald Trump’s pro-crypto stance, and changes within the United States Securities and Exchange Commission (SEC) are all playing in favor of a new dawn for altcoins.

Presale Tokens Like This Could 10X During an Altcoin Supercycle

The Flockerz presale has received significant attention from investors lately as reflected by its remarkable $7.8 million capital raise in just a matter of days.

This token introduces a novel model called vote-to-earn (V2E) that hands over governance decisions to the project’s community entirely and incentivizes holders to participate in the decision-making process via monetary crypto rewards.

The token is currently available at a discounted price of $0.00653 but the presale event will soon come to an end.

This kind of bargain doesn’t come often in a market like this where most investors only get the chance to buy promising digital assets once they have made it to centralized exchanges (CEXs).

Similar to how other trends have managed to propel the value of pioneer tokens like Dogecoin (DOGE) for meme coins and Uniswap (UNI) for decentralized finance (DEFI), $FLOCK is cutting the ribbon of a nascent movement called V2E.

No other blockchain has rewarded holders for participating in its governance decisions and that is what makes $FLOCK so unique.

To purchase $FLOCK while the presale event is still going, simply visit the Flockerz official website and connect your wallet to convert USDT or ETH.

It is also possible to buy the token with a bank card in case you don’t own any crypto at the moment.

The presale ends in just a few days so don’t wait any longer to buy your share before the price rises.

The post XRP Price Rises as Bitcoin Hits $98K – Altseason Starting? appeared first on Cryptonews.