The Ripple-backed digital asset, XRP, has continued to slowly slip into bearish sentiments after a huge breakout last month. Notably, on certain cryptocurrency exchanges like Bitstamp, the XRP USD derivative plummeted by as much as 58 cents on Tuesday. Fortunately, the situation has since found stability around the 60-cent mark. It’s important to note that this price correction, while substantial, didn’t reach extreme levels.
Coinpedia had repeatedly predicted an impending bearish trend for XRP, hinting at its potential to find support between 53 and 58 cents.
When assessing the altcoin market from the perspective of XRP in the USD derivative, a fascinating trend emerges that underscores the strength of the Ripple-backed digital asset. Respected crypto investor Blockchain Backer has expressed a perspective that portrays Ethereum and numerous other altcoins as notably weaker when compared to XRP.
Consequently, the analyst asserts that XRP is positioned favorably to gather momentum against the backdrop of the altcoin market in the upcoming weeks. This sentiment is particularly evident after the reassessment of the support level, which lingers around 58 cents.
A closer look at the TOTAL2/XRPUSD dynamic reveals a pronounced strength in favor of Ripple-backed crypto assets. Remarkably, analysts have pointed out that XRP has shattered the 200-week moving average concerning the altcoin market—a historic achievement.
Read More: XRP Price Primed For Another Major Run, Is $1 On Cards?
Presently, the XRP price finds itself ensnared within a macro symmetrical triangle, a pattern that originated following the digital asset’s peak in 2018 at approximately $3.4. In light of this, industry experts posit that the XRP price is poised to continue its bullish trajectory in the forthcoming months, with the possibility of reaching the upper boundary of the symmetrical triangle around $1.3. This projection aligns with the asset’s historical movement and the pattern it’s currently tracing.
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