XRP Soars Past Tether with Bitcoin Stalled by Massive Sell Orders

XRP (XRP) is experiencing a significant rally while Bitcoin (BTC) struggles to reach the $100,000 mark amid speculation about a substantial “sell wall” near this six-digit price level.

Key Points:

• XRP surged over 20% within 24 hours, surpassing Tether’s USDT to become the third-largest cryptocurrency by market value.
• A significant stack of sell orders around the $100,000 mark is visible in Bitcoin’s order book, according to an observer.
• Bitcoin’s dominance rate continues to decline.

XRP, a cryptocurrency focused on payments, has soared by 375% to $2.40 over the past 30 days.

This dramatic increase has boosted XRP’s market capitalization to $139 billion, making it the third-largest digital asset, overtaking Tether’s USDT, the leading dollar-pegged stablecoin.

XRP’s trading volumes have seen a global spike. Upbit, South Korea’s largest cryptocurrency exchange, reported a record $4 billion volume in the XRP-won trading pair over the past 24 hours. This represents more than 27% of the exchange’s total trading volume, according to data from Coingecko.

This surge in XRP trading activity coincides with South Korea’s Democratic Party’s decision on Sunday to delay the implementation of a crypto capital gains tax from 2025 to 2027.

Bitcoin’s $384M Sell Wall

Bitcoin started the week with a 1% drop to $96,000, remaining locked in the $90,000-$100,000 range for the past two weeks. To push past the psychological $100K barrier, Bitcoin needs to overcome a $384 million sell wall, according to BRN analyst Valentin Fournier.

Traders are shifting funds from Bitcoin to other cryptocurrencies, causing Bitcoin’s dominance rate to fall from 61.5% to 56.5% since November 21. “This shift towards altcoins is supported by increasing liquidity,” Fournier added.

Sentiment: Positive