XRP defies odds by clinging onto support as market capitulates

Ripple's XRP token has performed exceedingly well this week, holding onto support in spite of the rest of the market's heavy move to the downside

The price of Ripple has been one positive to take away from the past week’s cryptocurrency horror show. XRP has defied all odds by clinging onto the $0.44 level of support, rallying against its respective BTC trading pair.

It did move all the way down to $0.41 on two occasions, only to bounce back above support instantly, a clear reflection of the current amount of buyers supporting XRP’s price.

Over the past week Bitcoin is down 29%, Ethereum is down 35% on the back of the SEC’s ICO clampdown, while coins like NEO and Cardano have seen close to 40% moves to the downside.

xrp price

XRP, meanwhile, is down just 13% in USD value, recording a 22% gain against BTC. Last week we saw the ‘flippening’ where XRP overtook Ethereum as the largest market cap coin behind Bitcoin, it has since widened the gap between the pair to $4.5 billion, with XRP’s market cap standing at $18.1 billion while Ethereum lags behind at $13.8 billion.

One reason behind Ripple’s ability to hold onto support is the hugely enthusiastic XRP army, who have made themselves known on social media this week.

Binance CEO Changpeng ‘CZ’ Zhao put the army to the test, posting this on Twitter: “The xrp base shill is strong. Let’s get it out of your system, and put all your shills under this one tweet, and let’s see how much we get.”

The tweet was, by far, CZ’s most popular one over the past few weeks, gaining more than 3,400 replies, 3,100 retweets and 7,400 likes.

With XRP’s following clearly here to stay, the price targets moving forward are breaking out of the $0.49, $0.54 and $0.60 levels of resistance. Once these are broken there is potential for tremendous upside for Ripple, which reached an all-time high of $3.26 in January.

For Coin Rivet’s exclusive guides on cryptocurrencies, exchanges and blockchain technology, click here.

Related Articles