XRP (CRYPTO: XRP) has emerged as the top conviction altcoin trade according to a new report from 10x Research, citing improving market structure, technical breakouts and upcoming catalysts including the launch of XRP futures on CME Group.
What Happened: According to 10x Research, while Bitcoin remains capped at the $94,000–$95,000 resistance zone, attention is beginning to shift towards select altcoins.
The report states that a 50 basis-point drop in Bitcoin (CRYPTO: BTC) dominance would shift the tactical altcoin outperformance indicator, signaling a broader rotation into altcoins.
Among these, XRP is highlighted as the most favorable setup.
XRP recently broke its downtrend and recorded a 600% surge in network payment volume and transaction counts over a four-day span, with 838 million XRP transferred on April 23 alone.
This development coincides with Coinbase (NASDAQ:COIN) listing XRP futures contracts on its U.S. derivatives exchange, and CME Group's announcement to launch XRP futures on May 19, pending regulatory approval.
Also Read: Bitcoin Fundamentally Decoupled From US Tech Stocks, BlackRock's Jay Jacobs Says
Why It Matters: The report points out that despite Bitcoin's recent rebound, funding rates have remained near zero even as open interest has risen, suggesting continued skepticism among traders and a lack of excessive leverage.
Liquidity flows, however, are materially improving, reinforcing a bullish outlook for both Bitcoin and select altcoins.
10x Research expects XRP to move higher from the $2.27 level, targeting a rally toward $2.80, supported by technical strength and expanding institutional interest.
It also notes that Korean retail traders, historically strong participants in XRP rallies, could re-engage as momentum builds.
The firm views the current environment as an attractive window to accumulate XRP ahead of the CME futures launch, highlighting that multiple catalysts are now aligning in its favor.
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