Markets
XRP defies the market bloodbath, posting a 4.1% weekly gain and outpacing Bitcoin and Ethereum
XRP has shown remarkable resilience during the recent major price correction in the cryptocurrency market, while Bitcoin, Ethereum, and Solana have lagged behind.
Market data shows that XRP, which is generally known underperformingrecorded a 4.1% gain over the past week in the CoinDesk 20 Index. In contrast, major cryptocurrencies such as Bitcoin and Ethereum have suffered significant losses.
XRP beats Bitcoin and Ethereum
The decline emerged as the market witnessed a slow but persistent price retracement for several weeks, causing significant concern among investors. Yesterday, Bitcoin fell to $64,066, down from the $70,000 range a week ago. Likewise, Ethereum plummeted to $3,374, below the previous week’s price of more than $3,600.
In this period, Solana (SOL) and Cardano (ADA) fell more than 18%. In contrast, XRP’s performance remained positive. While XRP touched a low of $0.4647 over the past seven days, it rose to a high of $0.5191. Yesterday the asset defended its position around $0.5, while other top-tier cryptocurrencies suffered significant losses.
Notably, Uniswap (UNI) dominated the index last week after recording a 6.8% increase that pushed the token to $11.98, up from around $7 last month. According to market data, only XRP and UNI showed positive returns in the index for the week.
Others, including Litecoin (LTC), Chainlink (LINK), ADA, BTC, ETH, and Dogecoin (DOGE), recorded negative single-digit returns. Meanwhile, the index’s worst performers with double-digit percentage losses include Internet Computer (ICP), Near Protocol, Shiba Inu (SHIB)and Filecoin (FIL).
XRP sees an improved market position
Furthermore, XRP’s best market position is corroborated from new analysis by Fairlead Strategies, an independent research provider.
In its latest review of the 12-week relative rotation chart (RRG) of major altcoins versus Bitcoin, Fairlead Strategies revealed that XRP has 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 they are LINK and ETH. The analysis suggests a potential rotation opportunity where capital could flow into these improving altcoins.
In contrast, DOGE, Solana, and Bitcoin Cash (BCH) are in the weakening quadrant, indicating continued underperformance and a likely move into 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 opinion of The Crypto Basic. Readers are encouraged to do thorough research before making any investment decisions. Crypto Basic is not responsible for any financial losses.
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