XRP, Dogecoin, Bitcoin Market Update: XRP Short Sentiment Persists Amid Ripple Legal Speculation, DOGE Nears Death Cross as BTC Dominance Reaches 4-Year High
The cryptocurrency market has found some stability, but traders remain cautious, especially with altcoins like XRP, while shifting capital toward Bitcoin (BTC), the leading digital asset.
XRP, the payments-focused token utilized by Ripple for cross-border transactions, has gained over 3% in the last 24 hours, reaching $2.24. The price increase is largely fueled by optimism surrounding Ripple’s ongoing legal battle with the U.S. Securities and Exchange Commission (SEC), which many believe could be nearing a resolution.
Despite this price surge, perpetual futures data reveals a lingering bearish sentiment. Open interest in XRP futures across major exchanges has steadied near 1.35 billion XRP, while annualized funding rates and cumulative volume delta (CVD) remain negative, according to Velo data.
Negative funding rates indicate that short sellers are paying fees to maintain their bearish positions, highlighting the continued dominance of short trades in the market. Additionally, the negative CVD—reflecting net capital inflows—suggests that selling pressure is outweighing buying activity, potentially signaling a weakening rally.
These indicators raise concerns about the sustainability of XRP’s price rise. At the time of writing, other major altcoins such as DOGE, SOL, SUI, HBAR, LTC, BTC, TRX, and HYPE also exhibited negative CVDs on a 24-hour basis.
DOGE Approaches Bearish Death Cross
Dogecoin (DOGE) is on the verge of forming a “death cross” pattern, where its 50-day simple moving average (SMA) is set to cross below its 200-day SMA. This technical signal often suggests that short-term momentum is weakening relative to long-term trends, potentially reinforcing a broader bearish phase.
Trend-following traders closely monitor these moving average crossovers, meaning a confirmed death cross could trigger additional selling pressure. However, long-term SMA crossovers are lagging indicators, meaning they typically reflect past sell-offs rather than predict future price movements with certainty.
DOGE has already declined by 65% since peaking above $0.48 in December, reinforcing concerns about its downward trajectory.
Bitcoin’s Market Dominance at a Four-Year High
Meanwhile, Bitcoin’s dominance—the metric measuring BTC’s share of the total cryptocurrency market capitalization—has climbed to 62.5%, marking its highest level since March 2021, according to TradingView.
Since December, when the total crypto market capitalization surpassed $3.6 trillion, Bitcoin’s dominance has risen from 55% to over 62%, signaling a continued investor preference for BTC, particularly during periods of market uncertainty.
This increasing BTC dominance suggests that traders are seeking stability in Bitcoin while altcoins face heightened volatility and bearish sentiment.
