Why is XRP outperforming the broader market today?

Why is XRP outperforming the broader market today?

By Hassan Maishera - min read

XRP is currently up by more than 5% in the last 24 hours, outperforming the broader cryptocurrency market.

The cryptocurrency market has been underperforming over the past few hours. The market has lost more than 2% of its value in the last 24 hours, with the total market cap dropping below the $1.9 trillion threshold once again.

Bitcoin attempted to climb towards the $43k resistance level but is now trading around $40k again. If the bearish momentum continues, Bitcoin could drop below $40k for the first time in a week.

XRP, the native token of the Ripple blockchain, is up by more than 5% in the last 24 hours, making it the best performer amongst the top 10 cryptocurrencies by market cap.

The primary catalyst behind XRP’s ongoing positive performance is the announcement by Ripple CEO Brad Garlinghouse that Ripple is winning in its ongoing case with the United States Securities and Exchange Commission (SEC).

Garlinghouse told CNBC he expects the case to come to an end soon with a victory for Ripple. 

Key levels to watch 

The XRP/USDT 4-hour chart is bullish despite the broader market currently in a bearish trend. The technical indicators show that XRP is recovering from its recent slump.

The MACD line is heading towards the neutral zone, indicating that XRP is no longer in bearish territory. The 14-day relative strength index of 59 indicates that XRP could soon enter the overbought region if the rally continues.

At press time, XRP is trading at $0.7646 per coin. It could surpass the first major resistance level at $0.8111 before the end of the day.

However, XRP would need the support of the broader crypto market if it intends to surpass the $0.8652 resistance level in the short term.