Ripple’s XRP Still Strong Despite Market Sell-Off

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Ripple's XRP Still Strong Despite Market Sell-Off
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The whole cryptocurrency market experienced a huge flash crash 3 days ago with most cryptocurrencies losing between 10-30% of their price within 1 hour.

 

Ripple’s XRP was clearly affected too, losing around 12.7% of its price. The bulls have been able to bounce off from $0.212 up to $0.25073, an 18% bounce in two days. It’s important to note that XRP was trading in a tight range for weeks.

Yesterday’s bounce took XRP right up to the bottom of that range, something that hasn’t happened with any other cryptocurrency as most of them have dropped even lower today compared to the crash. XRP, however, is still trading 11% higher than the recent bottom which indicates a lot of strength compared to the rest of the market. 

Ripple’s total market capitalization dominance has increased by almost 1% during the last week, up to 5%. Looking at the bigger picture, the weekly chart hasn’t changed that much for XRP which was in a downtrend. Similarly, the monthly chart is pretty unphased with a monthly candlestick of only -8%.

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Ripple's XRP Still Strong Despite Market Sell-Off
XRPUSD Chart By TradingView

XRP is currently trading at $0.2415 and it’s looking for a further bounce on the daily chart which has formed a bullish reversal candlestick. Zooming in, the bulls on the 4-hour chart are trying to break above the 12-period EMA where XRP has been rejected around 9 times so far. The hourly chart has formed an Equilibrium pattern and the bulls are currently holding the 12-period EMA support.

The weekly chart, as mentioned has changed much as bulls are still struggling to break above the 12-period EMA. The RSI is at 38 points, close to oversold. The downtrend is clearly still in place, the bulls need a lot of work in order to change the trend.

Compared to the rest of the market, Ripple (XRP) seems to be the most stable coin as it has been trading between $0.52 and $0.21 for basically a year whereas most of the other coins have been trading in between more extreme ranges.


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The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.