However, the Crypto market seems to have stabilized, but dealers continue with caution while dealing with Altcoins, such as XRP while continuing to rotate money to market leader Bitcoin (BTC).

Payments-focused XRP, which Ripple uses to facilitate cross-border payments, has risen over 3% to $ 2.24 in the last 24 hours primarily in the hope that the legal battle between Blockchain Company Ripple and Securities and Exchange Commission (SEC) could soon end.

In the midst of the price increase, cumulative has open interest in eternal futures listed across larger exchanges, stabilized near 1.35 billion XRP, with annual financing rates and cumulative volume -De -Delta -Printing Negative, according to Data Source Velo.

Negative financing rates mean that shorts pay fees for counterparties to keep their bearish bets open. It shows the dominance of bearish short positions on the market. The negative cumulative volume -Delta measuring the net capital flow on the market indicates that the sale of volume has accumulated more than buying volume, which potentially signalizes a bearish trend.

Both indicators therefore cast doubt on whether XRP’s price increase has legs. At the press point, several other large capele tokens such as DOGE, SOL, SUI, HBAR, LTC, BTC, TRX and hype negative CVDs had on a 24-hour basis.

When we talk about DOGE, the 50-day simple moving average (SMA) of the token’s price is crossing during the 200-day SMA, confirming the so-called Death Cross. The ominous sounding pattern indicates that the short -term prismoment is now underpinning the long -term momentum, with the potential to develop into a larger bearish trend.

These SMA Cross overs are widely followed by trend dealers, which means the confirmation of Death Cross could bring more sales pressure to the market. That said, long-term SMA-Crossovers indicators are hanging, reflecting the sales that have already realized and have a mixed registration of predicting price movements in the BTC and ETH markets.

Note that DOGE has already fallen 65% since topped over 48 cents in December.

BTC most dominant in four years

Bitcoin’s dominance frequency or cryptocurrency’s share in total market value has risen to 62.5%, the highest since March 2021, according to data source trading.

In particular, the metric has risen from 55% to over 62%, since the total crypto market value peaked over $ 3.6 trillion in December.

This means a continued preference for BTC, especially during the wider market breaks.