Bitcoin and the wider cryptocurrency market has just experienced what many would call ‘capitulation,’ with BTC falling to a new yearly low just above $5,500 and many altcoins down double digits against the USD.
XRP, however, is flexing its muscles by refusing to fall against the market leader.
At the time of this writing, XRP is down a mere one percent against Bitcoin (BTC), despite the fact that the market leader is down eight percent.
As displayed on the four-hour chart, XRP wicked hard off the .000072 BTC mark, bouncing all the way back up to over .00008 BTC.
The Stochastic Relative Strength Index (Stochastic RSI) has also crossed bullishly in oversold territory, suggesting XRP is likely to show more strength in the coming hours.
The daily chart tells a slightly different story, however.
While we can still see a strong wick and obvious resilience in the face of a massive market sell-off, the Stochastic RSI appears to be trending downward after falsely crossing bullishly. That said, the lines on the Stochastic RSI may still enter the oversold territory, even if the price hardly declines — since it is primarily a momentum indicator. In the coming days, it stands to reason that XRP will enter the oversold territory and the indicator will begin climbing once again.
Looking at the bigger picture without any indicators, we can clearly see the long-term resilience of XRP against Bitcoin (BTC).
While XRP has a long history of short-lived pumps followed by long-term dumps, the fundamentals behind the cryptocurrency are truly second to none — assuming you don’t take issue with claims of centralization and the technology primarily being used by traditional financial institutions and banks.
Today’s resilience in the face of Bitcoin capitulation should be taken as a positive sign.
What do you think about XRP’s resilience against Bitcoin’s capitulation? Let us know in the comments below!
Images courtesy of TradingView.
[Disclaimer: The author of this article holds Bitcoin (BTC) but does not hold any XRP. This is not financial advice, and should not be construed as such. It is for informational purposes only. BeInCrypto is not responsible for any financial decisions made by any readers. Trading in cryptocurrency is notoriously volatile and we recommend anyone interested consult with a trained financial professional.]