- XRP forms double top as Bitcoin dominance continues holding firm.
- ETF approval odds for XRP surge, but demand remains uncertain.
- Sellers control XRP while Bitcoin stays strong at key levels.
XRP’s rally has lost steam after a promising start earlier this year, with charts now revealing signs of exhaustion. The token has struggled against Bitcoin, forming a double top pattern that suggests weakness rather than sustained momentum.
The trend above the 200-week moving average gave traders hope that XRP could edge out Bitcoin. Nevertheless, its recurrent failure at the 0.00003200 BTC area has changed the mood. Its inability to push higher has left the 0.00002200 BTC level as the critical support level. In the past, any drop below this has tended to make the pair drop to 0.00002000 BTC.
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Meanwhile, moving averages have flattened, further indicating the absence of the upside. Every buyer’s effort has been highly resisted, with sellers steadily determining the direction of the market. The balance of power has been shifted in favour of further pressure on XRP.
Technical Pressure Against Bitcoin
On shorter time frames, XRP has been trapped between resistance at 0.00002600 BTC and the 200-day moving average. Every attempt to rally has been shut down quickly, while repeated defenses of support appear increasingly fragile. This trend underscores the strength of Bitcoin in the pair and XRP’s failure to gain momentum.
Bitcoin moves steadily above the mark of $111,000 and strengthens its market position. Conversely, XRP is standing at $2.83 in relation to the dollar, but it has been far below par when it comes to the relationship between XRP and Bitcoin. The opposition emphasizes the fact that Bitcoin has been performing well, whereas XRP has not been able to carry on with its streak.
XRP ETF Odds Boost Optimism
According to Polymarket data, the odds of XRP exchange-traded funds being approved this year have surged to nearly 94%. This has given certain optimism in the XRP fraternity, though there are doubts on how much demand such products will bring.
Analyst Nate Geraci has proposed that XRP ETFs will beat market expectations, similar to Bitcoin and Ethereum ETFs. Nevertheless, others are not as optimistic since they do not see the involvement of companies like BlackRock and Fidelity in the push for XRP ETFs. Fidelity recently filed for a Solana ETF but ignored XRP, fueling doubts about long-term institutional interest.
Conclusion
XRP’s rally against Bitcoin has faded, with the double top formation signaling exhaustion at key resistance levels. Unless the token breaks through decisively, sellers may continue to dominate, while Bitcoin remains strong at higher levels.
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