XRP remains resilient in the face of a recent market downturn influenced by Bitcoin, standing firm while other altcoins experience significant declines.
Bitcoin, in particular, has seen a sharp decline of 7.4%, dropping to $58,601. This represents a 19% decrease in value in less than three weeks, considering it was worth $71,907 just 18 days ago.
Similarly, Solana (SOL) reached a low of $123 yesterday, experiencing a 10% drop from its daily high. This marks a 29% depreciation from its high of $175.48 on June 5. Cardano (ADA) has also faced a similar decline over the same period.
In the realm of meme coins, leaders like Dogecoin (DOGE) and Shiba Inu (SHIB) have seen their value plummet by 31% and 38%, respectively.
Contrastingly, XRP only experienced a slight decrease of 3.68% yesterday, reaching a low of $0.4636 from its intraday high of $0.4813. This means XRP managed to retain most of its gains from earlier in the day, despite the bearish momentum that caused Bitcoin to drop by 7.4%. Currently, XRP is trading at $0.473.
When compared to its monthly peak of $0.5307 on June 5, XRP has experienced a significant decline of 12.64%. However, this is still more favorable to investors than the approximately 19% loss Bitcoin investors incurred when BTC dropped to $58,000 from its monthly peak above $71,000.
XRP has defied the bearish trend led by Bitcoin, displaying more stability while its closest competitors faltered.
This resilience is occurring at a time when sentiment towards XRP has been characterized by frustration. XRP is often perceived as an underperformer in a bull market, failing to achieve significant gains during specific periods, while the broader market rallies. However, in this latest market correction, XRP has managed to resist the trend.
Interestingly, The Crypto Basic has reported that XRP saw a substantial one-week gain of 4.1% last week, even as other top-ranking crypto assets, including Bitcoin, Ethereum, and Solana, were trading in the red.
One factor that may be influencing XRP’s stability is the explosive growth in the total value locked (TVL) in XRP Ledger-based automated market makers (AMMs). As of June 20, the TVL of AMMs on XRPL reached 15.6 million XRP, a significant increase of 5.3 million XRP in just 17 days. Furthermore, the latest record shows that XRP TVL has climbed to 21.1 million XRP just five days after that report.
It is 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 opinion of The Crypto Basic. Readers are advised to conduct thorough research before making any investment decisions, and The Crypto Basic is not responsible for any financial losses incurred.