XRP Defies the Bitcoin-Led Bearish Trend, Showing More Stability While Its Closest Competitors Succumb

XRP only fell by 3.68% yesterday, dropping to a low of $0.4636 from its intraday high of $0.4813.

As the recent Bitcoin-led market downturn gripped the altcoin sector, XRP managed to defy the trend, largely holding its ground while the broader market experienced significant declines.

Yesterday, Bitcoin’s value plummeted by over 7.4%, crashing down to $58,601. With this new low, Bitcoin has lost approximately 19% in less than three weeks, considering it was worth $71,907 just 18 days ago.

Solana (SOL) bottomed at $123 yesterday after losing about 10% of its daily high. This bottom price marks a 29% depreciation from Solana’s June 5 high of $175.48. Cardano (ADA) faced a similar decline over the same period.

Among the meme coins, market leaders like Dogecoin (DOGE) and Shiba Inu (SHIB) saw their value collapse by 31% and 38%, respectively.

XRP bucks Bitcoin-led bearish trend

In contrast to the broader market trend, XRP fell only 3.68% yesterday, dropping to a low of $0.4636 from its intraday high of $0.4813. This indicates that XRP managed to retain most of its gains from earlier in the day despite the bearish momentum that caused Bitcoin to drop by 7.4%. At press time, XRP trades at $0.473.

When considering XRP’s monthly peak of $0.5307, established on June 5, the asset has been down significantly by 12.64%. Yet, this figure is more favorable to investors compared to the roughly 19% loss Bitcoin investors recorded when BTC collapsed to the $58,000 threshold from its monthly peak above $71,000.

Essentially, XRP has defied the Bitcoin-led bearish trend, showing more stability while its close competitors succumbed to the market downturn.

This resilience comes at a time when sentiment toward XRP has been marked by frustration. XRP is often perceived as an underperformer in a bull market, failing to achieve significant gains in Q4 2023 and Q1 2024 while the broader market rallied. During previous market corrections, XRP was similarly affected. However, in this latest round, it largely resisted the trend.

Interestingly, The Crypto Basic reported that XRP posted a substantial one-week gain of 4.1% last week, even as all top-ranking crypto assets, including Bitcoin, Ethereum, and Solana, were trading in the red.

Factors influencing XRP stability

This performance coincides with an explosive growth in the total value locked (TVL) in XRP Ledger-based AMMs. As of June 20, the TVL of AMMs on XRPL reached 15.6 million XRP, showing an increase of 5.3 million XRP in 17 days.

Now, the latest record shows XRP TVL has climbed to 21.1 million XRP just five days after that report.

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