• XRP has slowly slipped into bearish sentiments after a huge breakout last month.
• Analysts have argued that XRP is well poised to gain momentum against the altcoin market in the coming weeks, especially after retesting the support level of around 58 cents.
• The Ripple-backed asset has also shattered the 200-week moving average versus the altcoin market for the first time in history.
XRP Price Analysis
The Ripple-backed digital asset, XRP, has continued to slowly slip into bearish sentiments after a huge breakout last month. On some crypto exchanges like Bitstamp, the XRP USD derivative dropped as much as 58 cents on Tuesday but has since stabilized around 60 cents.
XRP Outperforms Altcoins
Measuring the altcoin market in terms of XRP in the USD derivative shows an interesting trend that depicts more strength to the Ripple-backed digital asset. According to a popular crypto investor, Blockchain Backer, Ethereum appears very weak versus XRP, and so do many altcoins. As a result, the analyst argued that XRP is well poised to gain momentum against the altcoin market in the coming weeks, especially after retesting the support level of around 58 cents.
200 Week Moving Average
In terms of TOTAL2/XRPUSD pairings, analysts highlighted that Ripple’s asset shows more strength and interestingly shattered its own 200 week moving average versus other altcoins for the first time ever.
Market Outlook
The XRP price is currently trapped in a macro symmetrical triangle pattern which suggests further downside before any upside potential can be seen. Nevertheless, with its strong performance against other tokens and networks it could be well positioned to lead any bullish surge.
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