Over the past year, the crypto market has taken a lot of investors on a rollercoaster ride. The market has experienced a lot of ups and downs. The volatility rate of some cryptos has been on the extreme. Nevertheless, that is what the crypto market is all about. Last week, the crypto market started a sharp downward trend, with Bitcoin (BTC) taking the lead as usual.
While investors and traders are expecting the market to correct higher after the sharp decline, the plunge spilled into this week. This has caused most of the cryptos in the market to test new yearly lows. Bitcoin (BTC) – the world’s largest digital currency – is now trading close to the $4k level after staying within the range of $6-7k for over two months. However, one digital currency that was heavily affected by this contagious virus is XRP (XRP).
XRP (XRP) Continues to Be Resilient
So far, XRP (XRP) has earned a very good reputation for remaining put in the crypto market. Even the value of the coin was partially affected by the recent trend, the losses incurred are way less than what others are experiencing. Over the past couple of days, XRP (XRP) experienced an upsurge in the midst of the crash in the market.
XRP (XRP) has managed to remain over its trend line while other cryptos broke below their trend lines to complete a full correction. XRP has been trading over the 45 cents level over the past couple of days. The digital currency even found a strong support at the 44 cents level.
However, the digital currency recently declined towards the 41 cents level, with a new support at the 40 cents mark. The value of XRP has held this level for long, and it is less likely to decline below this level.
XRP’s Trend Line against Bitcoin (BTC)
XRP (XRP) has been able to stay over its trendline against the U.S dollar, but that is not the case when it comes to Bitcoin (BTC). According to the daily chart of XRP against Bitcoin (BTC), XRP is yet to break over its downward trend against BTC.
Over the past couple of days, XRP (XRP) managed to break over the downtrend briefly. However, it was pulled back in shortly after it broke out. For the value of XRP/BTC to retest the resistance level, it might have to complete a wave down.
So far, XRP (XRP) is a clear winner when it comes to the point of investment. Investors that invested in XRP (XRP) after its initial correction are still in the profit margin. XRP (XRP) HODLers were once down by about 80 percent because they invested in the coin close to the top. However, they are now doing better than HODLers of other digital currencies because XRP has corrected higher while others are testing new yearly lows.
XRP (XRP) Price Today – XRP / USD
Name Price 24H % $0.751 -0.80%
At the time of writing, XRP (XRP) is trading at 41 cents after a decrease of about 6 percent over the past twenty-four hours. The current market cap of the digital currency is $16.43 billion and its trading volume over the past twenty-four hours is $634.73 million.