XRP Surge Poses Challenge to Bitcoin’s Dominance, Says Top Analyst

• XRP’s performance during this period is remarkable, fueled by a favorable ruling in the Ripple v. SEC case. 

• Patrick Riley’s bold prediction of XRP surpassing Bitcoin attracted diverse reactions

Crypto data platform Swissblock reports that altcoins like Ethereum (ETH), Ripple’s XRP, and Solana (SOL) are causing ripples in the crypto markets, showing gains in the last 24 hours. With Bitcoin (BTC) dominance showing signs of weakening, there are indications of a potential upcoming altcoin season, a view shared by Glassnode co-founder Yann Allemann.

On the Verge: The Slight Stirrings of an Incoming Altcoin Season

Altcoins and Swissblock Altcoin signal in the spot light:

🔵1/4: ETH is currently trading around $1,853, marking a 0.16% increase over the past 24 hours.#ETH #cryptocurrency

🔶2/4: Other major altcoins are also… pic.twitter.com/ggABGiXK1P

— 𝗡𝗲𝗴𝗲𝗻𝘁𝗿𝗼𝗽𝗶𝗰 (@Negentropic_) July 27, 2023

Altcoins like XRP and SOL have also experienced significant gains. This surge in altcoin prices briefly triggered the Altcoin Signal, indicating a potential altcoin season. Amidst this trend, Dogecoin (DOGE) has emerged as a frontrunner in market gains, spurred by Elon Musk’s move to rebrand Twitter to X. XRP’s performance is particularly noteworthy during this altcoin upswing. As of press time, XRP is trading at $0.71.

The recent rally was fueled by a favorable ruling in the Ripple v. SEC case. Despite being a controversial token, XRP continues to attract significant trader interest, boasting a 24-hour trading volume of over $1.4 billion. While short-term analysis favors BTC outperforming the ETH/BTC pair, the mid-term outlook suggests ETH could take the lead, potentially sparking the next altcoin rally.

Patrick Riley’s Bold Prediction

Recently, Patrick Riley, a Republican candidate for the upcoming presidential elections, expressed his conviction on Twitter that XRP will surpass Bitcoin and become the top cryptocurrency in the market. He stated that this would happen once XRP reaches a trading price of $11, asserting it’s not a matter of ‘if’ but ‘when.’ Riley invited his followers to speculate on the timing of this significant shift in the market.

At just $11 $XRP takes the top spot from $BTC. It’s not an ‘if’, it’s a ‘when’.

Your best guess when below 👇

Follow us for the latest crypto news!

— PATRICK L. RILEY 🇺🇲 (@PLR_2024) July 19, 2023

His bold statement elicited diverse reactions from the crypto community. While some found the possibility of such a major shift intriguing, others expressed doubts about its feasibility.

Critics challenged the claim, pointing out that no cryptocurrency has ever surpassed Bitcoin in terms of market cap. In response, Riley acknowledged a brief period in 2017 when Ethereum temporarily outranked Bitcoin, but he emphasized that the current prediction is about XRP.

Pretty sure it did actually happen one day, very briefly in 2017.

— PATRICK L. RILEY 🇺🇲 (@PLR_2024) July 19, 2023

Some argued that if XRP’s price rises, Bitcoin’s price would likely follow suit, suggesting a continued correlation between the two. However, Riley hinted at a potential decoupling, suggesting that XRP might break away from BTC’s influence, stating, “I’m not sure we’ll be following BTC much longer.”

Riley’s recent prediction is not the first time he has shown confidence in XRP’s potential. In a previous tweet, he polled followers to choose between the Japanese Yen and XRP as the global reserve currency. XRP emerged as the clear favorite, winning 95.7% of the 323 votes. 

Surging XRP Network Activity

This growing enthusiasm around XRP’s rise has captured the attention of the broader crypto community, particularly Bitcoin maximalists. XRP has shown impressive performance this year, attributed to significant whale activities. 

Whale XRP accounts holding over 100 million tokens have increased to 199, coinciding with the coin’s open interest reaching $1.2 billion, its highest in two years. Positive fundamentals surrounding the XRP protocol have reignited investors’ interest. Active addresses on the XRP network have risen by 23% in the past month and over 43% compared to last year.

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