Dom, a renowned market watcher, highlights XRP’s remarkable performance, which saw the asset lead two broader market recoveries following significant declines.
In a tweet yesterday, Dom contrasted XRP’s performance with that of Bitcoin, emphasizing that the former has led two market recoveries recently after significant declines.
Specifically, the analyst noted that XRP led the crypto rally after the broader market suffered significant downturns on July 4 and last week.
XRP Spearheads Market Recovery After July 4 Crash
For context, the crypto market witnessed a massive collapse on July 4 – 5. While XRP plummeted below $0.40, Bitcoin’s price fell to nearly $53,000 at the time.
However, Dom noted that XRP recorded a sharp rally that took its price to around $0.45 on July 6. This rally followed speculations regarding a settlement in the SEC v. Ripple lawsuit.
According to Dom, Bitcoin also participated in the XRP-led rally 24 hours later. Data from CoinGecko shows that Bitcoin’s price soared to nearly $58,000 on July 7.
Another XRP-Led Rally Witnessed on August 7
Furthermore, the market watcher claimed that a similar development occurred recently. Per the analyst, XRP led the crypto rally following the massive decline witnessed last week across the market. The accompanying chart shows that Bitcoin participated in the XRP-led rally six hours later.
Recall that the crypto market recorded a double-digit loss last week, with Bitcoin plunging below $50,000 on Aug. 5. Similarly, XRP dipped to around $0.43 on the same day.
However, XRP’s price pumped tremendously to $0.6579 on August 7, when Judge Analisa Torres gave Ripple a partial victory against the SEC. Interestingly, Dom pointed out that Bitcoin’s rally started six hours after XRP’s price increase.
Notably, Dom’s analysis weakens the argument that only Bitcoin’s price action is capable of determining the performance of the broader crypto market.
In the meantime, XRP is currently trading at $0.6037 per token, marking a 2.02% decline in the past 24 hours. Conversely, Bitcoin has staged a daily increase of 7.3%, with the asset trading at $60,996.
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