The post XRP Price Analysis: XRP Outperforms The Altcoin Market Despite Recent Retracement appeared first on Coinpedia Fintech News
The Ripple-backed digital asset, XRP, has continued to slowly slip into bearish sentiments after a huge breakout last month. On some crypto exchanges like Bitstamp, the XRP USD derivative dropped as much as 58 cents on Tuesday but has since stabilized around 60 cents. However, the price correction was not outrageous as Coinpedia had severally reported an incoming XRP bearish sentiment to testers the support level between 53 and 58 cents.
XRP and Altcoin Market H2H
Measuring the altcoin market in terms of XRP in the USD derivative shows an interesting trend that depicts more strength to the Ripple-backed digital asset. According to a popular crypto investor, Blockchain Backer, Ethereum appears very weak versus XRP, and so do many altcoins. As a result, the analyst argued that XRP is well poised to gain momentum against the altcoin market in the coming weeks, especially after retesting the support level of around 58 cents.
In terms of the TOTAL2/XRPUSD, the analyst highlighted that the Ripple-backed crypto assets show more strength. Interestingly, the analysts noted that XRP shattered the 200-week moving average versus the altcoin market for the first time in history.
XRP is outperforming the altcoin market.FOR THE FIRST TIME in history, XRP shattered the 200-week moving average vs the Altcoin Market.Instead of being measured in dollars, here is the altcoin market measured in XRP.As discussed a pullback for weeks, pullback. Nearly there. pic.twitter.com/GPyU3VT4ev
— Blockchain Backer (@BCBacker) August 15, 2023
Market Outlook
The XRP price is currently trapped in a macro symmetrical triangle that began after the digital asset hit its ATH in 2018 at around $3.4. As a result, experts believe XRP price is likely to continue in a bullish trend in the coming months to reach the upper border of the symmetrical triangle around $1.3.
