Ripple’s nstive XRP Outperforms Bitcoin and other for the second day in a row as the premier cryptocurrency stays below $17k.
Since our last analysis Bitcoin has not seen much change in its price, besides the coin has gone down by 1% in the past 24-hours. While the Bitcoin traded above $20k on November 8th, the premier crypto has crashed down by 19% following that.
Though the current market environment may not seem good to many, actually this is exactly what more lucid crypto holders were waiting for. Before November 8th, Bitcoin was lacking its intrinsic volatility that usually drives crypto’ value. During the 30-day period between October 9th to November 8th Bitcoin’s value changed only by -4.6%.
In the ongoing bear market or crypto winter season, the Bitcoin has not yet found the bottom and for that volatility is crucial. Higher low and higher highs would start to emerge as we will break through the bear market.
As for Ripple’s XRP, things look rather great. Currently trading at $0.38, XRP is up 3.6% over the week, while in the meantime Bitcoin has grown down by 4.5%.
In the past 48-hours period, XRP is continuously trading above $0.36 and the highest point it has hit is $0.39, which takes the coin above the 50-simple moving average (4-hours). On the lower end XRP seems to have support at $0.36, and on the upper end the coin has a resistance at $0.40.
Besides, the ongoing SEC-Ripple lawsuit is also going pretty well for the defendant. In the latest development, the court granted requests for amicus briefs of all the 18 entities, 15 in Ripple’s Support and 3 in SEC’s support. Because it is obvious that Ripple has lead in the case, investors should get themselves ready for the bull run, once the case is decided.