Dark Defender Sees BTC Dominance Drop as XRP Takes Flight
Crypto analyst Dark Defender has projected a potential decline in Bitcoin's (BTC) market share, which could benefit altcoins such as XRP. In his latest chart, he maps out an Elliott Wave structure that suggests Bitcoin dominance will fall through several lower levels.
Dark Defender's chart shows Bitcoin dominance at 58.84%, below a descending trendline from the 2018 peak. He marked the 61.80% Fibonacci level at 60.14% and the 38.20% level at 62.09%. A move toward these levels could take BTC dominance back into long-term resistance.
According to Dark Defender, a potential downside target for Bitcoin dominance is 55.32%, marked by the 123.60% Fibonacci extension. The next target sits at 52.54%, corresponding with the 161.80% extension. From there, wave (3) could extend toward 45.90%, where the chart placed the 261.80% Fibonacci extension.
The monthly RSI also supports the projected decline in Bitcoin dominance, showing that momentum has weakened. If Bitcoin rejects the 60.14% and 62.09% area, the potential path could take it toward 55.32%, 52.54%, and eventually 45.90%. A sustained decline in Bitcoin's market share could give altcoins more room to gain market share.
XRP has historically surged when BTC dominance weakens, and Dark Defender suggests that XRP is preparing for a significant move up.