XRP has outperformed the majority of other top cryptocurrencies over the past week.
Data from Messari show price depreciating just 3% over the past seven days, outperformed only by litecoin which is recording only a 0.94% decrease.
XRP is forming a Doji candle on the weekly chart.
A Doji candle is a candle with the open being around the same point as the close and typically reflects uncertainty from traders.
XRP started the week with bearish movements along with other top cryptocurrencies.
However, it outperformed on its mid-week recovery by overcoming several resistance points before finally meeting resistance at $0.335.
It has since depreciated to meet support at $0.296 and consolidates today.
Overall market conditions seem bearish with many top cryptocurrencies likely setting up for another bearish drop after the bearish start to the week.
This can be seen by cryptocurrencies such as Tron forming lower lows and lower highs and others failing to recover from the losses at the start of the week as prices rose.
XRP was one of the few cryptocurrencies which managed to recover from its initial losses.
However, if the market follows up with another bearish drop, it is highly likely that XRP will follow.
- XRP one of the top performing cryptocurrencies over the past seven days.
- XRP is one of the few cryptocurrencies to recover from the initial losses at the start of the week and is currently forming a Doji on the weekly.
- The recovery mid-week met resistance at $0.335 and since dropped to meet support at $0.296.
Ripple’s XRP Price Action – XRP Outperforms Top Cryptocurrencies as Doji Candle forms on Weekly was originally found on Cryptocurrency News | Blockchain News | Bitcoin News | blokt.com.