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According to pseudonymous trader Cryptoinsightuk, the XRP token is currently showing more strength compared to Bitcoin.
The trader believes that the XRP cryptocurrency could regain ground if BTC manages to bottom out in the near future.
According to CoinGecko data, the XRP is currently sitting at $0.52 after dropping 11.5% over the past week.
As reported by U.Today, the Ripple-affiliated cryptocurrency occupied headlines in July due to its impressive performance, which allowed the token to stand out among other major coins. In fact, XRP recorded its strongest bullish sentiment since 2023 last month. Multiple traders recently predicted that XRP could be on the cups of a major breakout due to various technical indicators. Meanwhile, the XRP community is speculating about
However, the recent market crash has thrown a wrench in the works for XRP bulls. Earlier today, the leading cryptocurrency dipped below the $58,000 level. Obviously, it dragged the entire market down.
Related
The leading cryptocurrency has been absolutely clobbered by bears due to recession fears in the U.S.
Recent data showed rapidly slowing economic growth, causing a global market crash.
Prior to that, it seemed like the Fed was ready to pull off a soft landing. However, its efforts now appear to be in jeopardy. With the economy slowing at a fast pace and inflation still remaining elevated, it looks like the Fed will have to have a much-feared hard landing.
Underwhelming tech earnings have also negatively affected market sentiment.
As reported by U.Today, Bitcoin traders have already succumbed to fear following Bitcoin’s most recent crash.
