XRP has shown remarkable resilience in the face of the recent downturn in the market influenced by Bitcoin, maintaining its stability while other altcoins experienced significant declines.
Bitcoin saw a sharp drop of over 7.4% in value yesterday, plummeting to $58,601. This represents a 19% decrease in less than three weeks, as it was valued at $71,907 just 18 days ago. In comparison, Solana (SOL) hit a low of $123, losing around 10% of its daily high and marking a 29% depreciation from its peak on June 5. Cardano (ADA) also faced a similar decline during this time period.
Meme coins such as Dogecoin (DOGE) and Shiba Inu (SHIB) have seen their value collapse by 31% and 38%, respectively.
Despite the bearish market momentum that caused Bitcoin to drop by 7.4%, XRP only experienced a 3.68% decrease yesterday, reaching a low of $0.4636 from its intraday high of $0.4813. Currently, XRP is trading at $0.473, retaining most of its gains from earlier in the day.
In comparison to its monthly peak of $0.5307 on June 5, XRP has seen a significant decrease of 12.64%. However, this is still more favorable to investors than the roughly 19% loss experienced by Bitcoin investors when BTC collapsed to the $58,000 threshold from its monthly peak above $71,000.
XRP’s ability to resist the bearish trend led by Bitcoin is particularly notable given the frustration that has surrounded sentiment towards XRP. Despite being seen as an underperformer in a bull market, XRP has shown stability amidst market corrections, with The Crypto Basic reporting a substantial one-week gain of 4.1% last week while other top-ranking crypto assets were trading in the red.
XRP’s resistance to the bearish trend coincides with significant growth in the total value locked (TVL) in XRP Ledger-based AMMs. The TVL of AMMs on XRPL reached 15.6 million XRP as of June 20, showing an increase of 5.3 million XRP in 17 days. Just five days later, the TVL climbed to 21.1 million XRP.
It’s important to note that this content is for informational purposes only 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 conduct thorough research before making any investment decisions, and The Crypto Basic is not responsible for any financial losses.