XRP declines nearly 18% from its peak as traders focus on Bitcoin dominance

XRP’s substantial drop from its peak: XRP has declined nearly 18% from its 2024 peak of 2.85 USD on December 3. While traders anticipate potential recovery, they remain cautious due to Bitcoin’s prevailing dominance and market conditions.

Market concerns regarding Bitcoin dominance: Currently, Bitcoin dominance sits at 55.30%, a 5% decrease from the previous week. Analysts suggest a future peak between 60% to 70%, which could shift investor funds away from XRP, affecting its price stability.

Increased open interest for XRP: Open interest in XRP has surged to 3.44 billion USD, significantly outpacing the 2 billion USD during similar rallies. A drop to 2.18 USD could trigger liquidations exceeding 104.4 million USD, indicating a volatile market.