XRP overtook Ethereum for the first time around mid-November amid bearish drops across the market where XRP held its value better than Ethereum.
An outperformance from Ethereum which started around mid-December resulted in Ethereum retaking the position.
However, declines over the past 24 hours have brought XRP up to the second position with XRP outperforming Ethereum on this decline.
XRP has declined in value around 6% over the past 24 hours, but Ethereum has declined over 12% in the same period.
This has all taken place in light of a descending triangle bearish breakout occurring in XRP.
XRP had been forming a descending triangle which is a bearish trend continuation pattern.
After numerous tests as indicated by the arrows on the above 4-hour chart, XRP finally seemed to break out to the upside in recent price action.
However, this was followed up by a sharp decline which has brought the price of XRP to trading around $0.34.
Some support seems to be coming into play at $0.33 which was the low formed during a bearish drop below $0.35 near the end of December.
With bearish movements taking place across all major cryptocurrencies, the key level to monitor is whether XRP can hold above $0.33.
- XRP outperforms Ethereum over the past 24 hours to retake the position of second largest cryptocurrency by market cap.
- XRP had been forming a descending triangle which it broke below over the past 24 hours.
- The key level to monitor supports at $0.33 which was an important point in late December trading activity.
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