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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.
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