The Altcoiners who were rooting for Bitcoin devaluation have all left the field and gone back to their homes. There was a strong impression in the market that after Bitcoin completes its bull run, it would allow altcoins to dominate the crypto markets for a while. However, the truth could not be further from that. In reality, as soon as Bitcoin price went down about 30% from its ATH, it dragged down the entire crypto market with it.
Even Ethereum, which had become a candidate for the next crypto king, depreciated about 50% from its ATH in the same month. The negative impact of the Bitcoin crash was felt all over the altcoin markets, and XRP, which has been doing so well despite its controversial position, went back to its downward trend. Last year when XRP was trading as high as $170, it crashed down as low as $0.75 after SEC charged Ripple Labs executives for dealing in unregistered securities.
XRP Struggles to Sustain its Position as the Sixth Largest Cryptocurrency
The day before yesterday, XRP token witnessed the steepest decline in two months, going as low as $0.61. The aim of the cryptocurrency to take about at least $1 position started to seem like a pipe dream. However, in the last 24 hours, the controversial cryptocurrency has bounced back about 8% and managed to gather as much as $0.85.
This price mark is very near $1, and many investors seem optimistic that if the positive trend continues, it might be able to surge as high as 1 USD. The day-to-day RSI index for XRP/USD pair is showing a steady recovery from the giant cluster of liquidating positions. It translates into a breaking up of the bearish trend. On the other hand, the stochastic RSI for the same group is indicating the intersection for possible bullish wave crossover.
It is needless to say that XRP has sustained grave injuries during the recent Bitcoin market quacks. The RSI indicator for this pair in the short term would go towards a bullish wave after mapping a significant distance in the bearish train. Meanwhile, as per the data analytics submitted by TradingView, the stochastic RSI indicator is loaded for a bull market launch.
It should be noted that SEC is still trying XRP in the court of law. However, some major exchanges like Coinbase, Binance, and Huobi have relisted XRP and helped to reinstate the XRP value once again regardless of the ongoing lawsuit. While SEC is trying to make the legal constraints stricter for Ripple Labs, it seems that the crypto community has decided to place little importance on the case.