Advertisement
XRP Daily Chart – Source: Tradingview.com

Ripple’s XRP has retaken the position of second largest cryptocurrency by market cap after overtaking Ethereum’s cryptocurrency ether for a second time within the last two months.

XRP overtook Ethereum for the first time around mid-November amid bearish drops across the market where XRP held its value better than Ethereum.

Advertisement

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.

XRP 4-Hour Chart – Source: Tradingview.com

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.

Key Takeaways:

  • 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.

Latest Ripple News:

DISCLAIMER: Investing or trading in digital assets, such as those featured here, is extremely speculative and carries substantial risk. This analysis should not be considered investment advice, use it for informational purposes only. Historical performance of the assets discussed is not indicative of future performance. Statements, analysis, and information on blokt and associated or linked sites do not necessarily match the opinion of blokt. This analysis should not be interpreted as advice to buy, sell or hold and should not be taken as an endorsement or recommendation of a particular asset.

RELATED ARTICLES

MORE FROM OUR PARTNERS

Follow us on Twitter | Telegram | Facebook

Advertisement
Featured Image from Shutterstock.

[blokt] is a leading independent blockchain news outlet that maintains the highest possible professional and ethical journalistic standards. Journalists are required to meet our editorial policies and guidelines.