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Despite being 4% down over the past 30 days, Ripple’s $XRP stands out among the three non-stablecoin asset maintaining positive momentum. Besides Ripple ($XRP), the other coins in green today are Ondo and Ethereum Name Service ($ENS).
While Bitcoin and other major altcoins face significant downturns, $XRP has managed to break through resistance levels, suggesting a potential for further growth.
In this article, we analyze the recent market performance of $XRP, examining the factors contributing to its resilience and exploring the cryptocurrency’s bullish outlook.
Crypto market bloodbath
Today, at press time, the total crypto market cap had fallen to $2.36 trillion, marking a 2.03% decline in just 24 hours.
Major altcoins such as zkSync (ZK), Core (CORE), Fantom (FTM), Worldcoin (WLD), and Ethena (ENA) were hit hardest, plummeting 24.85%, 16.01%, 14.91%, 14.61%, and 13.60% respectively.
Notably, majority of the top ten cryptocurrencies including Bitcoin ($BTC) has dropped by about 10% over the past 24 hours.
While there are no clear catalysts for today’s market drop, analysts and researchers have suggested that reduced interest in spot Bitcoin exchange-traded funds (ETFs) might be a contributing factor.
Data from Farside Investors indicated outflows from these ETFs on five of the last six trading days. This pattern of negative $BTC ETF flows could have triggered liquidations of leveraged long positions in Bitcoin, Ethereum, and Dogecoin, exacerbating the market’s decline.
$XRP price jumps over 2%
Despite the overall market downturn, $XRP has shown promising signs of an upward breakout. On Monday, the $XRP price broke above its daily resistance level of $0.499, closing 3.2% higher. Today, on Tuesday, $XRP has continued to soar to trade at $0.507 at press time, up 2.15% at press time.
On-chain data suggests an increase in $XRP activity according to data from xrpscan, which is typically a positive indicator for future price movements.
Currently, $XRP faces resistance at $0.50, its 50-day Exponential Moving Average (EMA). If the price finds support around $0.499 and successfully breaks above the 50-day EMA, it could rise to $0.532, a previous high from June 5.
Further bullish momentum could drive $XRP to $0.581, marking a 50% retracement from the range of $0.419 to $0.744 seen between March 11 and April 13.
However, it is important to note the bearish invalidation point. A daily candlestick close below $0.450 would negate the bullish thesis, potentially leading to a decline to the April 13 low of $0.419.
The post $XRP, Ondo, $ENS the only coins standing as Bitcoin and altcoins bleed appeared first on Invezz
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