u.today
According to pseudonymous trader Cryptoinsightuk, the $XRP token is currently showing more strength compared to Bitcoin.
The trader believes that the $XRP cryptocurrency could regain ground if BTC manages to bottom out in the near future.
According to CoinGecko data, the $XRP is currently sitting at $0.52.
Earlier today, the leading cryptocurrency dipped below the $58,000 level.
The leading cryptocurrency has been absolutely clobbered by bears due to recession fears in the U.S.
Recent data showed rapidly slowing economic growth, causing a global market crash.
Prior to that, it seemed like the Fed was ready to pull off a soft landing. However, its efforts now appear to be in jeopardy. With the economy slowing at a fast pace and inflation still remaining elevated, it looks like the Fed will have to have a much-feared hard landing.
Underwhelming tech earnings have also negatively affected market sentiment.
As reported by U.Today, Bitcoin traders have already succumbed to fear following Bitcoin’s most recent crash.