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Ripple: XRP, the outperformer breaks down

  • XRP finally breaks down after holding up for long.
  • Bottom may not be far off.

XRP, the crypto whose parent Ripple boasts itself with potential to solve global cross border payments solutions, has finally broken down after holding up for a long time in the face of major crypto sell-off that saw almost all the coins falling off the cliff.

XRP/USD is down nearly 8 percent on day at $0.346, after hitting as low as $0.3315. On the 480-minute chart, XRP has broken down of a key ascending trendline, resulting into prices crashing with a pace. Algthough, it managed to bounce from the lows, exactly from a key support level of $0.33.

XRP has been a relative outperformer in this recent sell-off and bulls have been able to hold on to in the face of this massive crash. To take an example, Bitcoin, the largest crypto has fallen  42 percent from this month, compared to 24 percent in XRP.

XRP/USD 480-minute chart:

XRP a relative outperformer this month:

Source: fxstreet


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