By Key Points
- Only down 3.6% in an overall market slump
- BTC drops over 7% in 24 hours
- XRP sees resilience compared to other top cryptocurrencies
- XRP Ledger-based AMMs show strong growth
In the highly volatile cryptocurrency space, XRP has been able to hold its ground against a recent downturn that was brought upon by Bitcoin. While many major digital assets incurred significant losses along with BTC, Ripple’s token only had a slight drop.
Bitcoin and Altcoins Struggle
Yesterday, the price of Bitcoin declined by more than 7.4%, hitting a new low of $58,601. That is nearly a fifth lower than its value three weeks ago when it reached $71,907 on April 18 — marking a -19% drop within such a short period of time. This massive correction sent shockwaves across the board affecting other major cryptos as well.
Solana (SOL) fell to $123, losing around 10% from its daily high; still this number is 29% below its June 5 peak of $175.48. Cardano (ADA) also experienced significant losses during the same period.
Among meme coins, Dogecoin (DOGE) and Shiba Inu (SHIB), for example, saw even steeper declines with their values crashing by -31% and -38%.
XRP Outperforms Bitcoin, Holds Above $0.47 with Only 3.6% Drop as BTC Slumps 7% https://t.co/GIbsldQX6Z
— 🇳🇱 MackAttackXRP® 🇳🇱 67K-XRP-Followers (@MackAttackXRP) June 25, 2024
XRP Holds Steady Amidst Bearish Pressure
On the flip side, XRP showed great strength yesterday. It dropped just -3.68%, hitting a low of $0.4636 after reaching as high as $0.4813 during intraday trading hours yesterday—a performance that saw it retain most of its gains despite seeing bears take over general market sentiment following BTC’s decline by -7.4%. At press time, XRP is exchanging hands at around $0.473.
In comparison to its June 5 monthly peak of $0.5307, the asset has declined by -12.64%; however, this figure is more favorable for investors than the roughly -19% loss incurred by Bitcoin holders when BTC fell from above $71K to below $58K.
Essentially, while other assets succumbed to pressure from closest rivals bears this month, XRP did not go down without a fight.
All this comes at a time when sentiment towards XRP has been one of frustration; often seen as an underperformer in bullish cycles — failing to deliver substantial gains during Q4 2023 and Q1 2024 market-wide rallies.
During previous corrections it too went down along with the rest but not so much this time round.
Interestingly, according to The Crypto Basic’s report last week showed that while all top crypto assets were trading in red including BTC, ETH and SOL among others –– XRP posted a significant weekly gain of +4.1%.
What’s Holding Up XRP?
XRP’s defiance of the bear narrative corresponds with explosive total value locked (TVL) growth in XRP Ledger-based Automated Market Makers (AMMs). As at June 20th AMMs had TVLs worth 15.6m XRP — up by some 5.3m in just over two weeks (17 days).
Now latest records indicate that five days after that report saying so now there are about 21.1m XRP locked within AMMs on XRPL –– which shows strong support from community members who have shown increased belief in its potential success.
It is this trust together with growth happening around these particular types of services built atop RippleNet; which explains how despite wider market sentiments falling flat on their faces recently—XRP has managed to keep things stable even amidst such wild swings.
This is just information. It is not financial advice. The author might be sharing some personal opinions in this article, and they don’t represent The Crypto Basic’s position. Before making any investment decisions, you should do your own research. Financial losses are your responsibility; don’t blame The Crypto Basic.
