Hi all, before the analysis, I wish @Fame21Moore a speedy recovery. I hope you get well soon.
We have discussed XRP side moves recently and expect a break-out in September. We also checked XRP/BTC pair on the 14th of June and the 2nd of July this year.
This is an update to the subject analysis.
Monthly Time Frame
I just wanted to call this close touch of the XRP/BTC pair to the 2nd Major Resistance: Red Alert.
XRP/BTC has broken the minor resistance in the monthly time frame. As you can see below, there is a time price candle between the blue and light red (minor resistance) waiting for the action.
Besides the candles, the Volume of the XRP / BTC pair is silent since it is at the lowest point for YEARS. So, could this volume increase in the coming days? Bitcoin dominance can answer this question.
Bitcoin Dominance
BTC dominance was above its significant trend support for months; however, it was broken down in August and is about to be confirmed in September. Currently, it is at 39.68%.
In 2017, it touched 35.41% lowest point where the Alts made a tremendous move afterwards. Currently, we are very close to the 2017 levels, and history is expected to repeat itself.
Wave Trend Indicator
XRP / BTC pair on the wave trend indicator is close to the oversold area; however, the red dot in the white circle tells us it might go lower than the current 39% value.
Conclusion
This pair, XRP / BTC, has been on a downward trend for five years, and we will see a reversal where the trigger is at half cock.
BTC Dominance close to the 38% (based on BTC.D Tradingview, Crypto Cap) level is the key to an explosive Alt Season.
PS. The figures are based on Crypto Cap, where they are 1% higher compared to, the Coin Market Cap (CMC). Based on the CMC website, dominance is currently around 38.7 % and we can consider 37% levels as the critical level for Alt Season.
Cheers,
DD
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