XRP has demonstrated resilience during the recent market downturn, maintaining its value better than many other cryptocurrencies, including Bitcoin.
While Bitcoin dropped over 7.4% yesterday, plunging to $58,601, and suffering a significant 19% decline over the past three weeks from its peak of $71,907, XRP experienced a relatively modest decrease.
Bitcoin and Altcoins Plunge
Bitcoin’s sharp decline has mirrored broader market trends, with other major cryptocurrencies also seeing substantial drops. Solana (SOL) fell to $123, marking a 10% daily loss and a 29% drop from its high of $175.48 on June 5. Similarly, Cardano (ADA) has experienced notable declines. In the meme coin sector, Dogecoin (DOGE) and Shiba Inu (SHIB) have seen their values plummet 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 modest decline allowed XRP to retain most of its earlier gains despite the bearish momentum affecting the market. As of now, XRP is trading at $0.473.
Comparing XRP’s current price to its monthly peak of $0.5307 on June 5, the asset has decreased by 12.64%. However, this is still more favorable than Bitcoin’s 19% loss from its monthly high above $71,000.
XRP’s stability amid a Bitcoin-led bearish trend has set it apart from many of its competitors. Despite being often viewed as an underperformer in bull markets, XRP has shown notable resilience during the recent market correction.
Last week, XRP posted a substantial one-week gain of 4.1%, even as top cryptocurrencies like Bitcoin, Ethereum, and Solana traded in the red, according to The Crypto Basic.
Factors Influencing XRP Stability
XRP’s resilience can be attributed to the explosive growth in the total value locked (TVL) in XRP Ledger-based Automated Market Makers (AMMs). As of June 20, the TVL in XRPL AMMs reached 15.6 million XRP, an increase of 5.3 million XRP in just 17 days. The latest records show that XRP TVL has climbed to 21.1 million XRP in the following five days.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article are personal opinions and do not reflect the opinion of The Crypto Basic. Readers should conduct thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.