XRP defies the recent Bitcoin-influenced market downturn, largely holding steady while the altcoin market experienced significant declines.
Yesterday, Bitcoin shredded over 7.4% of its value when it plunged to $58,601. With this new low, Bitcoin crashed by approximately 19% in less than three weeks, considering it was worth $71,907 just 18 days ago.
Meanwhile, Solana (SOL) bottomed at $123 yesterday after losing approximately 10% of its daily high. This bottom price represents a 29% depreciation from its June 5 high of $175.48. Cardano (ADA) has faced a similar decline over the same period.
In the meme coin terrain, market leaders like Dogecoin (DOGE) and Shiba Inu (SHIB) have now seen their value collapse by 31% and 38%, respectively.
XRP Holds Steady, Resisting the Bears
In contrast, XRP only fell by 3.68% yesterday, dropping to a low of $0.4636 from its intraday high of $0.4813. This means XRP retained most of its gains from earlier in the day despite the bearish momentum that caused Bitcoin to drop by 7.4%. At press time, XRP trades at $0.473.
When considering XRP’s monthly peak of $0.5307, established on June 5, the asset has been down significantly by 12.64%. Yet, this figure is more favorable to investors compared to the roughly 19% loss Bitcoin investors recorded when BTC collapsed to the $58,000 threshold from its monthly peak above $71,000.
Essentially, XRP has defied the Bitcoin-led bearish trend, showing more stability while its closest competitors succumbed.
This resilience comes at a time when sentiment toward XRP has been marked by frustration. XRP is often seen as an underperformer in a bull market, failing to achieve significant gains in Q4 2023 and Q1 2024 while the broader market rallied.
During previous market corrections, XRP was similarly affected. However, in this latest round, it largely resisted the trend.
Interestingly, The Crypto Basic reported that XRP posted a substantial one-week gain of 4.1% last week, even as all top-ranking crypto assets, including Bitcoin, Ethereum, and Solana, were trading in the red.
Factors Influencing XRP Stability
Notably, XRP’s challenge to the bearish trend coincides with explosive growth in the total value locked (TVL) in XRP Ledger-based AMMs. As of June 20, the TVL of AMMs on XRPL reached 15.6 million XRP, an increase of 5.3 million XRP in 17 days.
Now, the latest record shows XRP TVL has climbed to 21.1 million XRP just five days after that report.
Disclaimer: 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’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
