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Temporary Relief for XRP Holders as Downtrend Breaks

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Regardless of a comparatively good 12 months for many main cryptoassets, the Ripple-affiliated XRP has struggled with gaining traction and continues to be down year-to-date. Nevertheless, an uptick in worth at this time might present no less than some reduction for hopeful holders of the cryptoasset.

As of press time on Monday (10:59 UTC), XRP is up 3.6% over the previous 24 hours, buying and selling at a worth of USD 0.183 per token. The rise compares to a achieve of 1.5% for bitcoin (BTC) and three% for ethereum (ETH) over the identical time interval, and makes XRP at this time’s second-best performer among the many prime 10 cryptoassets by market capitalization, following bitcoin SV (BSV) (+7%).

The most recent uptick in worth at this time comes after the value of XRP has managed to stabilize simply above the USD 0.1750 degree since June 27, following a month-long downtrend that pushed the token down by about 20%.

Temporary Relief for XRP Holders as Downtrend Breaks 102
XRP broke by means of a downward trendline in opposition to the US greenback at this time. Supply: www.tradingview.com

On the longer-term charts, nonetheless, the technical outlook for XRP nonetheless seems bearish, on condition that the asset just for a short time frame managed to remain above ranges from earlier than crypto’s Black Thursday on March 12. The pre-crash degree was recaptured briefly on April 28, earlier than the value fell once more on Might 10 to beneath the USD 0.2080 mark, signaling bearish sentiment amongst merchants.

Additional contributing to the bearishness within the XRP market is the truth that the cryptoasset is likely one of the few main cash which are nonetheless down 5% year-to-date. In the meantime, the asset can be down 54% on a 12-month foundation, which compares to a lack of 18% for BTC and 19% for ETH over the identical time interval.

Temporary Relief for XRP Holders as Downtrend Breaks 103
XRP is down each year-to-date and on a 12-month foundation in opposition to the US greenback (weekly chart of XRP/USD). Supply: www.tradingview.com

Immediately’s reduction rally for XRP comes a month after the veteran chart analyst Peter Brandt ridiculed Ripple on Twitter as XRP was on the verge of breaking beneath a vital help degree in opposition to bitcoin, suggesting Ripple had given up defending the important thing worth degree for the token.

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