One of the most interesting cryptocurrencies to have emerged over the past few years has been Ripple (XRP), and it has managed to hold onto its position as the third biggest cryptocurrency by market capitalization. However, it has not had the best year so far, despite threatening to break out more than once. In a new development that will be welcomed by those who hold XRP, the cryptocurrency has managed to outperform the market amidst all the chaos.
XRP Finds Support
While most of the market has been in a downward spiral due to the issues related to Facebook’s Libra, Ripple has managed to find strength amid a buying spree from investors today. The buying spree started at the $0.22 level, and since then it went even higher as it continued to outperform the market significantly.
However, many crypto analysts who are familiar with Ripple and XRP are trying to figure out whether this particular level is XRP’s lower circuit from now on or not. At the end of the day, the level either proves to be the one from which the token can spring to higher levels, or it might not work out that way if the price plunges lower than that at a future date. Despite the current optimism surrounding XRP, it needs to be pointed out that over the past few weeks, the token had been in a downward spiral with a strong bearish pattern taking its price down.
>> Bitcoin Could Rebound if Facebook’s Libra Hearing Goes Well
It is even more indicative of the bearish strength that even though Bitcoin and many other altcoins continued to surge over the past weeks, XRP continued struggling to break out significantly. Some analysts have also stated that the price action that Ripple has experienced over recent days seemed to replicate what continued to happen with Bitcoin and despite outperforming the market today, which remains an issue. In fact, one of the leading crypto analysts on Twitter stated that if there is an intermediate correction in Bitcoin, then XRP could drop to $0.16.
Featured image: DepositPhotos © adriantoday
