According to U.Today, the XRP token is currently demonstrating more resilience compared to Bitcoin, as noted by pseudonymous trader Cryptoinsightuk. The trader suggests that XRP could recover if Bitcoin finds a bottom soon. CoinGecko data indicates that XRP is priced at $0.52, having declined by 11.5% over the past week.
In July, XRP garnered significant attention due to its strong performance, marking its most bullish sentiment since 2023. Multiple traders have recently forecasted a potential major breakout for XRP based on various technical indicators. However, the recent market crash has disrupted these bullish expectations. Earlier today, Bitcoin fell below the $58,000 mark, dragging the entire market down with it.
The leading cryptocurrency has been heavily impacted by recession fears in the U.S. Recent data revealed a rapid slowdown in economic growth, triggering a global market crash. Initially, it appeared that the Federal Reserve was on track for a soft landing, but this now seems uncertain. With the economy decelerating quickly and inflation remaining high, a hard landing by the Fed seems more likely. Additionally, disappointing tech earnings have further dampened market sentiment. Bitcoin traders have already succumbed to fear following Bitcoin’s latest crash.
