Yet again Ripple’s native XRP has outperformed the premier cryptocurrency Bitcoin, while most others are just following the trend.
A Brief Market Overview:
Last week has been quite an eventful one for crypto. In the past 7 days between November 8 to November 14, world’s largest cryptocurrency by market cap Bitcoin lost its value by 19.3%. While the coin traded above $20k on November 8th, it crashed down to the low of $15.6k on November 9th, a 22.8% loss within hours.
The next day Bitcoin gained by 10.7% and the next 3 days were red as well. In the past 2 days, however, the coin remained rather stable. Currently trading at $16.7k, Bitcoin is down 14.9% over the week and up 0.05% in the day.
XRP Price Analysis:
As a consequence of the market environment all the major cryptocurrencies remained red in the meantime. Contrary to the expectation, Ripple’s native XRP outperformed most other major cryptocurrencies. In the past 24-hours, XRP has gained value by 10%. Notably, XRP has emerged as the top gainer among the top 30 coins.
Though XRP, similar to Bitcoin, crashed by 17% over the week, it has mainly made a recovery in the past 7-days. XRP hit the low of $0.34 yesterday only to regain $0.38 within hours.
As for the technicals, Bitcoin is below $0.40 and the 100, 4 hours, simple moving average. Further, there is a major bearish trend line forming with resistance near $0.380 on the 4-hours chart of the XRP.
Now, while $0.37 is serving as a key support, $0.40 may emerge as a key resistance. Given the market stabilizes a bit, and XRP surpasses $0.40 the next mark to watch out for will be $0.43.
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