“Xrp, Dogecoin, Bitcoin News: Xrp Short Bias Lingers Amid Ripple Legal HOPES, DOGE Nears Death Cross As Btc Dominance Hits 4-Iear High”, – WRITE: www.coindesk.com
Payments-Focused XRP, WHICH RIPPL USES TO FACILITATE Cross-Border Payments, Has Risen Over 3% To $ 2.24 in the Past 24 Hours Primarily on Heps the Antae. Exchange Commission (Sec) Could Conclude Soon.
Amid The Price Rise, Cumulative Open Interest in Perpetual Futures Listed Across Majoor Exchanges Has Stabilized Near 1.35 Billion Xrp, With Annualized Funding Rates and Cumulatory Volum. Accorging to Data Source Velo.
Xrp’s Annualized Funding Rates on Major Exchanges. (Velo)
NEGATIVE FUNDING RATES MEAN SHORTS ARE PAYING FEES TO COUNTERPARTIES TO KEEP their BEARISH BETS OPEN. IT Shows the Dominance of Bearish Short Positions in the Market. The Negative Cumulative Volume Delta, WHICH MEASures the Net Capital Inflows Into The Market, Indicates that Selling Volume hCumulated More than Buying Volume, Potentally.
Xrp’s cvd. (Velo)
Both Indicators, Therefore, Cast Doubt on Wheths Xrp’s Price Rise Has Legs. AT Press Time, Several Other Large-Cap Tokens Like Doge, Sol, SUI, HBAR, LTC, BTC, TRX AND HYPE HAD NEGATIVE CVDS ON A 24-HOUR BASIS.
Speaking of Doge, The 50-Day Simple MOVING AVERAGE (SMA) of the Token’s Price Is About to Cross Below The 200-Day SMA, Confirming the So-Called Death Cross. The ominous-sounding pattern indicates that the short-trite price momentum is now underforming the long-term momentum, with the potential to evolve into a Majoor Bearish Trend.
Doge’s Impening Death Cross. (TradingView/Coindesk)
TheSE SMA Crossovers Are Widly Followed by Trend Traders, Meaning The Confirmation of the Death Cross Could Bring More Selling Pressure to the Market. That said, Long-Term SMA Crossovers Are Linging Indicators, Reflection The Sell-Off that Has Already Materialized and Hve A mixed Record of Prescing Price Moves in the BTC.
Note that, Doge Has Already Droped 65% Since Peaking at Over 48 CENTS IN DECEMBER.
Btc most dominant in four yearsBitcoin’s Dominance Rate, or The Cryptocurrency’s Share in the Total Market Capitalization, Has Increated to 62.5%, The Highhest Since March 2021, Accounting To Data Region.
Notably, The Metric Has Increated From 55% to Over 62% Since The Total Crypto Market Capitalization Peaked Above $ 3.6 Trillion in December.
IT SIGNFIES A Continued Preference for BTC, Particularly Durying the Broader Market Downturns.
BTC’s Dominance Rate. (TradingView/Coindesk)
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