Temporary Relief for XRP Holders as Downtrend Breaks
Despite a relatively good year for most major cryptoassets, the Ripple-affiliated XRP has struggled with gaining traction and is still down year-to-date. However, an uptick in price today may provide at least some relief for hopeful holders of the cryptoasset.
As of press time on Monday (10:59 UTC), XRP is up 3.6% over the past 24 hours, trading at a price of USD 0.183 per token. The rise compares to a gain of 1.5% for bitcoin (BTC) and 3% for ethereum (ETH) over the same time period, and makes XRP today’s second-best performer among the top 10 cryptoassets by market capitalization, following bitcoin SV (BSV) (+7%).
The latest uptick in price today comes after the price of XRP has managed to stabilize just above the USD 0.1750 level since June 27, following a month-long downtrend that pushed the token down by about 20%.
On the longer-term charts, however, the technical outlook for XRP still appears bearish, given that the asset only for a brief period of time managed to stay above levels from before crypto’s Black Thursday on March 12. The pre-crash level was recaptured briefly on April 28, before the price fell again on May 10 to below the USD 0.2080 mark, signaling bearish sentiment among traders.
Further contributing to the bearishness in the XRP market is the fact that the cryptoasset is one of the few major coins that are still down 5% year-to-date. Meanwhile, the asset is also down 54% on a 12-month basis, which compares to a loss of 18% for BTC and 19% for ETH over the same time period.
Today’s relief rally for XRP comes a month after the veteran chart analyst Peter Brandt ridiculed Ripple on Twitter as XRP was on the verge of breaking below a crucial support level against bitcoin, suggesting Ripple had given up defending the key price level for the token.