Ripple’s XRP Is Among The Best Performers Regarding Price During A Bearish Week
This week was surrounded by a bearish trend in the crypto markets.
But it also marks another achievement of Ripple’s digital asset, XRP.
XRP surpasses ETH
The coin became the largest altcoin by market cap, and it overtook Ethereum, occupying the second spot during the decline of the last few days.
Not all cryptos are haunted by bears and XRP is one of them. The coin is instead widening the market cap gap between itself and ETH.
Ripple’s digital asset has been one of the better performing cryptos during the drop, and a couple of days ago it even saw some significant price appreciation.
Now, the coin is still trading in the green, and on CoinMarketCap it’s priced at $0.473431 at the moment.
There were more cryptos that exhibited similar price action to XRP during the last past days by bouncing from the recent lows that have been formed but XRP performed this in a more bullish manner, and a couple of days ago it managed to record a gain.
The outlook for XRP
Anyway, the outlook is pretty tough to asses for the coin, and even though it’s the largest by market cap, it’s still the subject to the movement of the overall crypto market.
If Bitcoin were to undergo bearish movements in the near future, this would definitely trigger pretty much the same behavior from Ripple’s digital asset as well.
Bitcoin’s price action suggests that its next significant move will be to the downside unfortunately with a bear flag setting up.
1 payment platform @advcash
9 exchanges @OKEx @CMCMarkets @GDAC @CGCXofficial @XDAEX_COM @TradeMnOfficial @coinzocom @blockportio @Tokocrypto
4 wallets @atomicwallet @eToro @SpendCard @Trezor
1 lending provider @ihaveCred
and its still Thursday$XRP #XRPcommunity
— Leonidas Hadjiloizou (@LeoHadjiloizou) November 8, 2018
The bear flag highlights a drop in price which is followed by sideways or range trading which is then again followed by another drop in price.
XRP liquidity has been lately boosted as the crypto made its way to a payment platform, wallets, exchanges, and a lending provider.
CoinMarketCap is a website that provides cryptocurrency market cap rankings, charts, and more. It was purchased by Binance for $400M in 2020.
Eduard Watson Author
An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.