XRP has shown remarkable resilience during the recent major price correction in the crypto market, while Bitcoin, Ethereum, and Solana lagged.
Market data shows that XRP, which is typically known for underperforming, recorded a 4.1% gain over the past week in the CoinDesk 20 Index. In contrast, top cryptocurrencies like Bitcoin and Ethereum experienced significant losses.
XRP Beats Bitcoin, Ethereum
The downturn emerged as the market witnessed a sluggish but persistent price retracement over several weeks, causing significant concern among investors. Yesterday, Bitcoin fell to $64,066, down from the $70,000 range a week ago. Similarly, Ethereum slumped to $3,374, below its previous week’s price of over $3,600.
During this period, Solana (SOL) and Cardano (ADA) plummeted by over 18%. In contrast, XRP’s performance remained positive. While XRP hit a low of $0.4647 in the past seven days, it climbed to a high of $0.5191. The asset defended its position around $0.5 yesterday, while other top-ranking cryptocurrencies suffered significant losses.
Notably, Uniswap (UNI) dominated the index this past week after seeing a 6.8% surge that pushed the token to $11.98, up from around $7 last month. Per 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), posted single-digit negative returns. Meanwhile, the worst performers in the index with double-digit percentage losses include Internet Computer (ICP), Near Protocol, Shiba Inu (SHIB), and Filecoin (FIL).
XRP Sees Improved Market Position
Furthermore, XRP’s improved market position is corroborated by a new analysis from Fairlead Strategies, an independent research provider.
In its latest review of the 12-week relative rotation graph (RRG) of top altcoins relative to Bitcoin, Fairlead Strategies revealed that XRP has moved from the lagging quadrant to the improving quadrant.
This indicates that while XRP still has lower strength in comparison with BTC, its performance is gaining momentum. Other assets in the improving quadrant alongside XRP are LINK and ETH. The analysis suggests a potential rotational opportunity where capital might flow into these improving altcoins.
Conversely, DOGE, Solana, and Bitcoin Cash (BCH) are in the weakening quadrant, indicating continued underperformance and a likely move to the lagging quadrant.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
