Markets
XRP Defies Market Bloodbath, Posting 4.1% Weekly Gain as It Overtakes Bitcoin and Ethereum
XRP showed remarkable resilience during the recent major price correction in the crypto market, while Bitcoin, Ethereum, and Solana lagged behind.
Market data shows that XRP, which is generally known for underperformingsaw a 4.1% gain over the past week in the CoinDesk 20 Hint. On the other hand, major cryptocurrencies like Bitcoin and Ethereum suffered significant losses.
XRP beats Bitcoin and Ethereum
The slowdown emerged as the market witnessed a slow but persistent price retracement over several weeks, sparking serious concerns among investors. Yesterday, Bitcoin fell to $64,066, down from $70,000 a week ago. Similarly, Ethereum fell to $3,374, below the previous week’s price of over $3,600.
During this period, Solana (SOL) and Cardano (ADA) fell more than 18%. On the other hand, the performance of XRP remained positive. While XRP hit a low of $0.4647 over the past seven days, it surged to a high of $0.5191. The asset defended its position around $0.5 yesterday, while other leading cryptocurrencies suffered significant losses.
Notably, Uniswap (UNI) topped the index last week after seeing a 6.8% rise that pushed the token to $11.98, up from around $7 last month. According to market data, only XRP and UNI posted positive returns in the index for the week.
Others, including Litecoin (LTC), Chainlink (LINK), ADA, BTC, ETH, and Dogecoin (DOGE), saw negative single-digit returns. At the same time, the index’s worst performers with double-digit percentage losses include Internet Computer (ICP), Near Protocol, Shiba Inu (SHIB)and Filecoin (FIL).
XRP sees its market position improved
Additionally, XRP’s improved market position is corroborated by new analysis from Fairlead Strategies, an independent research provider.
In its latest review of the 12-week relative turnover chart (RRG) of top altcoins against Bitcoin, Fairlead Strategies revealed that XRP moved from the lagging quadrant to the improving quadrant.
This indicates that although XRP still has lower strength than BTC, its performance is gaining momentum. Other assets in the improving quadrant alongside XRP are LINK and ETH. The analysis suggests a potential rotation opportunity where capital could flow into these improving altcoins.
Conversely, DOGE, Solana, and Bitcoin Cash (BCH) are in the weakening quadrant, indicating continued underperformance and a likely shift to the lagging quadrant.
Disclaimer: This content is informational and should not be considered financial advice. The opinions expressed in this article may include the personal opinions of the author and do not reflect the opinions of The Crypto Basic. Readers are encouraged to conduct thorough research before making any investment decisions. Crypto Basic is not responsible for any financial losses.
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